£100 contactless card limit to be lifted from March
Card providers can decide whether to offer unlimited payments on contactless cards.
www.bbc.co.uk
£100 contactless card limit lifted.
- Topic starter beak
- Start date
www.bbc.co.uk
CrazyBadger
Member
- Location
- Ware
- Country
England
no problem with this, so long as the Banks cover the risk of fraud. (as they do now)£100 contactless card limit to be lifted from March
Card providers can decide whether to offer unlimited payments on contactless cards.
Using your phone(with biometrics) is by far and above the safest way of making a card payment, safer than both standard contactless or even physical insert(with PIN), so allowing it for high value transactions makes sense. Seems a little reckless to allow high value transactions on a unverified Card tap.
The most curious line in that article is this, however;
"So what we want to do is give banks and payment firms greater flexibility to set their own approach to contactless payment, where they see low risk of fraud,"
What will the banks see as 'low risk of fraud'? and will that mean that actually, it's a non-story, and most day to day transactions will remain capped at £100.
Banks can choose to allow the customer to set any limit they want, i will set a limit. It starts next March which gives some thinking time.