"Banks and card providers will be given the power, from March, to set a maximum - or unlimited - single payment amount without the need to enter a four-digit PIN. But they are also being encouraged by the Financial Conduct Authority (FCA) to allow cardholders to set their own individual limits, or switch off contactless entirely. Some banks already offer this function."
"When contactless card payments were introduced in 2007, the transaction limit was set at 10. The limit was raised gradually, to 15 in 2010, to 20 in 2012, then to 30 in 2015, before the Covid pandemic prompted a jump to 45 in 2020, then to 100 in October 2021. While contactless cards currently have a 100 payment limit, anyone using their smartphone to pay can spend any amount without the need for a PIN. In-built security features, such as thumbprints and face ID, provide greater protection."
Banks and card providers will be allowed from March to set maximum or unlimited single contactless payment amounts without a four-digit PIN. Cardholders will be encouraged to set their own individual limits or to disable contactless payments entirely. The current £100 contactless limit rose from £10 in 2007 through gradual increases and reached £100 in October 2021. Smartphone payments with biometrics already allow any amount without a PIN. Security measures such as PIN prompts after consecutive contactless transactions, thumbprint and face ID protections, and consumer reimbursement safeguards remain in place amid concerns about theft and fraud.
Read at www.bbc.com
Unable to calculate read time
Collection
[
|
...
]