News

Brits favor raising caps on contactless transactions

August 21, 2018

New research from GoCompare in the U.K. reveals that 42 percent of contactless payment users would like to see the limit for transactions increased, according to a press release about the report. 

Approximately 38 percent of users think they should be able to spend 50 pounds ($64.32) or more in a contactless transaction; 9 percent want to be able to make payments of 100 pounds ($128.63) or more.

Individual contactless card transactions currently are limited to 30 pounds ($38.59); the supermarket is the most popular place for contactless payments  accounting for 79 percent of transactions.

Other common everyday contactless purchases include coffee, tea and other beverages (48 percent), snacks (46 percent), drinks in pubs and clubs (39 percent), clothes and accessories (38 percent) restaurant meals (36 percent) and transport fares (30 percent).

"Since the introduction of contactless cards in 2007, the speed and ease of their use has seen millions of us embrace the technology for day-to-day shopping," Georgie Frost, consumer advocate at GoCompare Money, said in the release.

However, he added, it's not all upside: "[F]rom our research, it's clear that simply waving a card or smartphone over a payment reader leaves some people disassociated from the money they’re spending and can lead them to make more impulse purchases."