Shake up in the UK contactless limits. Rather interestingly, the UK regulators are considering removing the current £100 cap on contactless payments, and as such potentially allowing for transactions of any amount to be processed at a tap, without the need for additional authentication!? This is suggested as a mean to level the playing field with digital wallets.
The limits on contactless payments have remained relatively unchanged, since the pandemic, which acted as a catalyst for the most significant shift and led to a global increase in the adoption of contactless and digital payments.
When contactless payments were first introduced in the UK in 2007, the limit was set at £10. It took several years to change consumer habits and mindsets to use contactless for everyday purchases, even for small purchases like coffee or pantry items.
Little fun fact… Prior to relocating to the UK, I lived in Belgium. And in Belgium we had Proton: a debit card that allowed for low-value transactions to be purchased without needing a PIN. Maybe in a way Proton could be considered a precursor to contactless payments, although it didn’t use NFC (Near Field Communication) technology like contactless cards do today. What Proton did do, however, was introduce the concept of quick, lower-value digital transactions replacing cash… open to perspectives 😁!
Today, the ability to pay with just a tap, across such a range of industries and transaction amounts, is a game changer in the history of how we interact with everyday transactions.
There is, however, a key point that comes to mind with regards to the comparison to digital wallets. The floor limit determines the maximum amount a consumer can spend without additional authentication. Advances in authentication technologies, such as tokenisation, biometrics, encryption, etc, which are leveraged by the digital wallets maintain the balance between customer convenience and security in the transaction process.
In the current proposal, there is a lack of clarity regarding how the authentication would be managed in a physical contactless scenario if the £100 limit is removed. Definetely something I’ll be following closely to learn more.
👉🏽#Paymentexperts, any perspectives or insights to share on the #contactlesslimit?
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