Contactless card limit increases to £30
01/09/2015
The contactless card limit was increased to £30 over the weekend, meaning shoppers will now be able to spend up to £30 on their card without using their pin number.
The contactless limit has been increased from £20 after the UK saw a rise in the number of people paying for purchases with contactless. Transactions for the first half of this year totalled £2.5billion, compared to £2.32 billion spent throughout the whole of 2014.The average UK supermarket spend, which totals £25, will now be covered by contactless.
Consumer watchdog Which? recently warned consumers that data from contactless cards could easily be stolen. However, the UK Cards Association has claimed that fraud via the cards was "extremely low" and stood at less than one penny for every £100 spent.
The popularity of contactless payments is continuing to increase, and technology company Apple now allows users of it’s latest iPhones to make contactless payments, without even a credit or debit card present.
Kevin Jenkins, managing director of UK and Ireland at Visa Europe, has claimed that contactless payments are the “new normal”. He said:
"We've seen unprecedented growth in this area, with the number of Visa contactless transactions more than trebling in the past year in the UK.”
Graham Peacop, chief executive of the UK cards association, said:
"The growth in contactless payments shows people want to use contactless cards, and increasing the limit gives customers even more opportunities to pay in this way."
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
400,000 stranded without salary
The bank payments body Apacs is struggling today to address problems caused by a major technical hitch, which could mean that up to 400,000 people will not receive their end-of-the month salary.The data corruption issue, which came to light on Thursday night, may mean that customers are unable to withdraw cash from ATM machines, although they could still use branch counters for transactions.Despit...
Read MoreAre UK base rates set to fall further?
Bank of England deputy governor Charles Bean has today fuelled speculation that UK base rates could fall at the next MPC meeting. In a speech to the National Farmers Union conference in Birmingham he indicated that because UK inflation is running below the target level of 2% there was a need to make cheaper credit available to support businesses across the country. This has also brought about a di...
Read MoreMervyn King backs radical changes in UK banking sector
Mervyn King, the Gov of the Bank of England, has today come out in support of Pres Obama's drastic move to control and restrict the power and growth in the worldwide banking sector. He believes that the UK needs a "safer and more robust banking system" and believes Pres Obama's move will prompt a wider debate about the pros and cons of the worldwide financial sector. If we take a step back to w...
Read MoreNo Explanation Bank Account Closures ‘Unjust’
Banks that close customers’ accounts without explanation have been said to be acting against the natural rules of justice, according to the chairman of the Financial Services Authority’s Consumer Panel, Adam Phillips. However banks currently close customers’ accounts and refuse to provide an explanation upon doing so, in order to follow anti-money laundering laws. The issue was first h...
Read MoreIs HBOS safe in the hands of Lloyds Bank?
As the £12 billion acquisition of HBOS by Lloyds Bank is waved through by the government many customers are asking if their funds are safe with Lloyds Bank? Or will there be another run on the banking sector?
Part of the reason why Lloyds Bank was 'chosen' by the government, which is behind the deal, is the fact that the City sees the bank as a safe pair of hands. It has long been...