News

Brits keen to use contactless payments for larger purchases

November 28, 2017

Nearly half (48 percent) of U.K. shoppers would like to customize their contactless card transaction limit or, at least would like to have the option to do so, according to new research from Paymentsense. 

For those shoppers wanting a customizable limit, just over a quarter (26 percent) would immediately raise it, but nearly one in five people (18 percent) would lower it. The top reason for those wanting to raise the limit is that 30 pounds ($39.90) is too low (44 percent).

For shoppers keen to lower the limit (20 percent of those surveyed), the main reason was concern over fraud or theft (53 percent). A further 23 percent of shoppers want to lower the limit to help manage fluctuating finances.

When it comes to Christmas shopping, the study revealed divisions between higher and lower income households. On average, more than one third (38 percent) of those on a lower income (up to 30,000 pounds) would not raise the 30 pound limit at Christmas time, fearing overspending on gifts, food and drink.

By contrast, only 12 percent of respondents with a higher household income (more than 50,000 pounds) share this worry. In fact, two thirds (67 percent) of shoppers from wealthier households would increase the limit during the holiday season. The reasons for this are increased spending (29 percent), time savings (21 percent) and a preference not to carry cash due to worries about being pickpocketed or losing their wallet (17 percent).

"As we approach the Christmas shopping period, there's a clear desire for shoppers to customize their contactless limits," Guy Moreve, head of marketing at Paymentsense, said in a press release. "Some are keen to have a lower limit to help budget and control spending, while others want to raise it for convenience."