Three quarters of Brits want to set their own contactless spending limit
From 15 October, the contactless limit is going up from £45 to £100 per transaction.
Chancellor, Rishi Sunak, said this “will make it easier than ever to pay safely and securely” and provide “a welcome boost” for retailers and shoppers after a very difficult year.
However, 73 per cent of people surveyed said they’d like to have the option of setting their own limit, rather than it automatically increasing to £100.
Half said they feared such a high limit could see their spending get out of hand, while a third were concerned about their card being stolen.
The research by KIS Finance found less than half of Brits (45 per cent) are happy for the limit to rise and 38 per cent think it should be kept at £45.
Less than one per cent would be happy for it to go above £100 or become limitless.
Contactless card payments were introduced in 2007, with a limit of £10 per transaction. The limit has been raised gradually over the years with an increase to £20 in 2012 and then to £30 in 2015.
It was increased to £45 at the start of the pandemic to encourage shoppers to use card payments and limit the use of physical cash.
Holly Andrews, managing director at KIS Finance, said: “With £100 as the new limit, shoppers could see spending rack up a lot faster than they’re used to, especially as we head towards the festive season.
“Concerns over an increase in card theft are also shared by a great number of shoppers. With no current limit on the number of contactless transactions you can make in a day, this could see criminals spend hundreds of pounds before the victim even realises that their card is missing.
“As people try to regain control over their finances after a very difficult year, banks need to do more to support their customers who are struggling. Increasing the contactless limit to £100 for customers who are already in their overdrafts and/or regularly relying on credit cards for every day spending could have a detrimental effect.”