The limit for single payments people can make using contactless cards has risen to £30 – the third rise since contactless was introduced in 2007.
Contactless limit rises to £30
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The limit for single payments people can make using contactless cards has risen to £30 – the third rise since contactless was introduced in 2007. The initial limit was just £10, but quickly rose to £15 before rising once again to £20 in 2012. The latest rise means many supermarket shoppers will enjoy a faster experience at the tills as the average supermarket shop comes in at just £25.17, according to The UK Cards Association (UKCA). The increased limit will add to the popularity of contactless payments, which has seen explosive growth in recent years. More than £2.5 billion was spent on contactless cards and devices in the first half of 2015 compared to £2.32 billion during the whole of 2014. Consumers will also see a rise in the number of outlets that can accept contactless payment, which commonly include, shops, cafes and restaurants. Fast, easy and secure payments Graham Peacop, chief executive officer of the UKCA, said: "Contactless payments are fast, easy and secure. With more contactless cards in wallets than ever before and a growing number of retailers accepting contactless payments, we have seen a huge rise in the number of payments being made. "The growth in contactless payments shows people want to use contactless cards and increasing the limit gives customers even more opportunities to pay in this way." While the average supermarket shop will now fall under the contactless limit, the UKCA said people making purchases in pubs, cinemas, dry cleaners, pet shops and gift shops will also be able to use contactless more frequently, with the average spend in those outlets also falling well under the new limit. Kevin Jenkins, managing director UK & Ireland at Visa Europe, added: "Contactless is becoming the 'new normal' as everyday Britons embrace the speed, convenience and safety of touch-to-pay technology. We've seen unprecedented growth in this area, with the number of Visa contactless transactions more than trebling in the past year in the UK. "[The] threshold increase to £30 gives consumers all the benefits of contactless across a broader range of their daily activities, and we expect to see this momentum continue to build as more people adopt mobile and wearable payment technology." The raised limit comes just days after a survey by Lloyds Bank revealed that almost four in ten people claim they won't need cash in ten years. The survey also indicated that a quarter (25%) think that in five years' time people believe they will no longer need cash to pay for goods or services. Further 'improvements' to payment methods we can expect in the near future include wearable tech such as watches or wrist bands, fingerprint IDs, and microchips embedded in our bodies. Indeed, some of the people Lloyds surveyed believe we could be using these methods within ten years.
Source Moneywise http://ift.tt/1UjtMhL
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