By Tom Phillips[1] • • Updated • nfcw.com[2]
Nearly three-quarters of UK consumers (73.1%) want the option to set their own contactless spending limit rather than it being set automatically when the country increases that limit to £100 (US$136) in October, according to a survey by KIS Finance[3].
Of those, nearly half (47.1%) said they wanted to set their own limit in order to control spending, while just over a third (33.5%) said they have concerns about card theft.
The survey also shows that while 38.1% of UK consumers think that the contactless transaction limit should be kept at the current figure of £45 (US$61), 44.8% are happy for the limit to increase to £100.
Only 1%, however, would be happy for the limit to increase beyond £100 or be removed altogether.
“The survey results send a very clear message that customers want the option to set their own contactless limits,” KIS Finance says.
“Currently only the Lloyds Banking Group (Lloyds Bank, Halifax, and Bank of Scotland) and Starling Bank have introduced personalised contactless limits which can be controlled through their apps.
“As people try to regain control over their finances after a very difficult year, we need to see every bank introducing personalised contactless limits, making it an industry standard.”
Lloyds Banking Group announced that it is to let customers set their own contactless transaction limit[4] in September.
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