Contactless Payments Limit Increases From the 15th Of October
A good thing for convenience sake ...
Posted by Roger Eddowes on 02/09/2021 @ 8:00AM
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 ...
The contactless payments limit is to be increased and although hugely convenient, may be a thief's dream!
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 for £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.
Until next time ...
ROGER EDDOWES Business Godparent
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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