U.K. Raises Limit on Contactless Purchases
June 4, 2012
On Friday, the U.K. Cards Association announced that the limit on contactless card purchases at retailers and vending machines has been raised from £15 (about $23) to £20 (nearly $31). The limit, which was raised from £10 to £15 in 2010, was designed to limit fraud losses (a user does not usually need to enter a PIN on contactless transactions) and has been lowered in response to dwindling card fraud in the U.K.
“Low-value transactions have been gradually moving from cash to card. Contactless cards provide another convenient and fast method for paying for low-cost goods and services,” says Melanie Johnson, chair of The UK Cards Association. “They attract the same level of protection as traditional plastic cards—meaning that customers will suffer no loss if they are a victim of fraud – and certainly provide much more convenience and protection than traditional payment methods such as cash or check.”