Contactless Payments Limit Increases From the 15th Of October

When the contactless payments limit was increased from £30 to £45 at the beginning of the pandemic, the volume of transactions grew exponentially. Due to this success, it will be increased further from October ...

Of course, the move is designed to make shopping even easier, with most 'weekly shops' coming in below the new transaction limit of £100, but you have to wonder if this is a thief's dream?

"It will pose a danger to people who lose their debit cards!"

You can buy a lot of £100 in many stores, and if a debit card is either stolen or even found by someone with less than stellar intentions, it's going to be very difficult to prove it wasn't you who bought those pair of trainers, that big pile of clothes, or even that huge haul of alcohol from your local supermarket.

Whilst this increased contactless payments limit will bring a lot of convenience to many, you're really going to have to protect your cards. A thief could burn through your bank balance incredibly quickly, hopping from shop to shop, and if your money is already tight, just tapping your card could mean you spend more than you intended, outside of your normal budget.

I think people should be able to set their own contactless payments spending limit if they want to. Yes, banking apps send you a notification when money has been spent on your account, but what if your phone is on silent? What if you're asleep when the transactions are going through? What if you just don't notice it?

"Not a nice thing to discover when you next look at your phone!"

So, although the contactless payments increase to £100 is a good thing for convenience sake, remember to protect your cards at all times. If you notice any suspicious transactions appearing, lock your card through your banking app immediately and call your bank.

If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.