Contactless payment rises TODAY but you can set a limit on your card - here's how

Asia's Tech News Daily

The contactless limit is one of very few policies introduced during the pandemic that the Government has kept in place. In early 2020, the increased £45 limit allowed people to continue paying for items in person but eliminated the need to touch the high-contact surfaces of card readers. The latest alteration comes amid a restriction-free society, meaning that some people won’t require such a high limit.

How do you set a contactless limit?

The altered contactless limit is available today, with both banks and shop tills responsible for employing them.

People will find they can pay up to £100 as long as card readers have the required update, as banks will introduce the feature automatically.

Many people will welcome the boosted limit, but others might be wary about the potential implications for theft or debt.

© GETTY Contactless payment increase today how to set contactless card limit
© GETTY Contactless payment limit: Rishi Sunak

Those who would prefer not to have the capability can adjust the amount their cards pay without a pin themselves.

Consumer champion Martin Lewis has a quick fix for concerned Britons.

He said four banks allow their customers to govern their own contactless limits.

These include Lloyds, Halifax, Bank of Scotland and Starling bank.

© EXPRESS Contactless payment limit: Credit cards

The banks will allow people to alter their contactless limits either in-branch or via their apps.

They can set up online banking via the branch as well.

If they can’t do this, banks will usually allow them to alter payments over the phone.

Changing the limit may prove vital for some people’s peace of mind, as experts have expressed reservations about today’s change.

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© GETTY Contactless payment limit: Rishi Sunak

They fear it could allow thieves to take advantage of stolen cards or even plunge them into further debt.

In theory, thieves could use contactless cards to steal up to £300 – the new cumulative limit – from unsuspecting consumers.

After hitting this benchmark, they would need their victim’s pin to keep buying.

Banks insist contactless fraud is relatively low – accounting for roughly 2.8 percent of card fraud – and will replace money taken illicitly.

Industry leaders have also warned contactless payments reduce “active thinking” around purchases.

Speaking to The Guardian following the announcement last month, Laura Suter, head of personal finance at investment firm AJ Bell, said this could push problem buyers further into their habits.

She warned effortless card transactions mean consumers are not “actively thinking” about how much they spend.

That, in turn, means it is easier for them to “rack up larger bills on a credit card”.

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