Home News Technology New £100 contactless card limit WILL convince you to switch to Apple...

New £100 contactless card limit WILL convince you to switch to Apple and Google Pay

New £100 contactless limit could convince many to switch to Apple Pay (Image: GETTY)

Contactless card payments have made it easy for shoppers to quickly spend small amounts of money in-store without typing a pin or signing their name on a receipt. When contactless was first launched in 2007, credit and debit card owners could spend up to £5 – and anything above that amount required a more secure chip-and-pin.

Since then, that contactless limit has slowly crept up, to £10, and then doubled, before a 2020 update allowed shoppers to tap and go with purchases up to a price cap of £45. That may sound like a big amount, but it’s nothing when you see what’s to come. From October you can spend £100 via contactless technology. No PIN, no signature… just tap and walk away.

That means anyone with your card can walk into a store and buy products worth up to €100 without any form of security. When contactless payments first launched, credit and debit card owners were reassured that if someone stole their card, they would only be able to make smaller payments before you managed to call the bank and block the card. With the limit about to hit £100, the difference of a few hours between realizing you don’t have your card and calling the bank to put in the hold can be thousands of pounds.

This update aims to make things like the weekly store faster at the checkout, with Chancellor Rishi Sunak saying, “Raising the contactless limit will make it easier than ever to pay securely and securely.”

READ MORE: The One Accessory EVERY Sky Q Viewer Needs Dropped to Its Lowest Price Ever

However, experts warn that criminals could take advantage of the new rules and make it even more tempting to steal bank cards. A recent report from UCL’s Jill Dando Institute of Security and Crime Science said, “Debit and credit cards are a high-risk target of greed.

“Raising the limit for contactless cards to £100 would likely make card theft more attractive, increasing a wide range of greedy crimes, including theft of wallets and purses, robberies and house and vehicle burglaries to find cards that could be stolen. stolen.” used fraudulently.”

With concerns over the £100 limit, some consumers may now be tempted to switch to services such as Apple and Google Pay.

Payments made through these platforms must be verified through biometrics such as facial and fingerprint recognition. That means cards cannot be used without the owner being present. When you try to purchase something through your iPhone or Android device, a message will immediately appear asking you to confirm that it is really you who is making the purchase.

On the iPhone, this is handled by Apple’s Face ID facial recognition sensor (from Touch ID fingerprint on the iPhone SE), while Android devices require a fingerprint to be verified before any funds are removed from an account.

As a result of these extra security measures, manufacturers such as Apple and Google do not impose a strict limit on the amount that can be paid wirelessly. In fact, it is possible to spend huge sums of money through these services without ever reaching for your wallet.

Anyone concerned about the new £100 limit should definitely consider using phone payments as they are much more secure.

Contactless technology has been widely embraced by consumers in recent years and most stores now offer it as an option. Last year, contactless accounted for 41 percent of all card transactions. After some restrictions were lifted, October saw a 16 percent increase in the total value of contactless payments in the UK, compared to the previous year.

Check all Technology News here: Gaming Ideology

Source

Denial of Responsibility for the Content
Gaming Ideology is a News Source that collects News from different Media Agencies and acts as a News Aggregator. The content you find on our website is freely available on the Internet. We clearly mention the Content Source hyperlinked to its original source. We arrange that content in our platform for our readers for Educational purposes only. All Copyrights & Trademarks belong to their Owners/Authors.

For Content Owners: To remove your content from our website, please contact us by emailing us at: complain@gamingideology.com and we will remove that content from our website.

No comments

Leave a ReplyCancel reply

Exit mobile version