Shoppers start to use new £100 contactless payment limit…
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The spending limit on each use of a contactless card has now risen from £45 to £100 – but not every shop will accept the new payment threshold. Retailers say it could take months to update terminals before every shopper can spend up to £100, without the need to enter a four-digit Pin. The move aims to make purchases such as grocery shopping more convenient. But some warn it could lead to a rise in theft and one bank boss questioned whether shoppers want a higher limit. Some 60% of debit and credit card transactions in the UK were contactless in the first seven months of the year. These accounted for a total of 6.6 billion payments with a value of £81bn. https://www.bbc.co.uk/news/business-58898474
The spending limit on each use of a contactless card has now risen from £45 to £100 – but not every shop will accept the new payment threshold.
Retailers say it could take months to update terminals before every shopper can spend up to £100, without the need to enter a four-digit Pin.
The move aims to make purchases such as grocery shopping more convenient.
But some warn it could lead to a rise in theft and one bank boss questioned whether shoppers want a higher limit.
Some 60% of debit and credit card transactions in the UK were contactless in the first seven months of the year. These accounted for a total of 6.6 billion payments with a value of £81bn.
