Lloyds, Halifax and Bank of Scotland customers can set own contactless limit as it rises to £100

Lloyds, Halifax and Bank of Scotland customers can set own contactless limit as it rises to £100

Lloyds, Halifax and Bank of Scotland customers can now set their own contactless limit as it rises to £100.

Lloyds Bank, Halifax and Bank of Scotland customers will now be able to set their own contactless card limits when the new £100 transaction limit kicks in from next month.

Customers will have new card control tools in their app, allowing them to set their own limits. From October 15, the contactless limit for card payments will increase generally from £45 to £100

This new increase will hopefully make card transactions swifter for customers, although there have been concerns by security experts that the higher spending limits without the need to always enter a Pin could make transactions easier for fraudsters.

“When the contactless limit increases, our customers will be able to use new tools in our mobile app to switch contactless on and off and also set their own transaction limit.

“We’ve listened to customer feedback to introduce this option which will allow them to make the most of the £100 limit in a way that works for them,” said Philip Robinson, personal current accounts, payments and fraud and financial crime director for the banks.

Contactless payment technology was introduced in 2007 with a £10 spending limit. That limit increased gradually to £30 by 2020 but has seen significant increases during the Covid-19 pandemic. It was increased to £45 in April last year and now, just over 12 months later, it is to more than double.

Following the announcement of the October increase to the three-digit spending limit, Rishi Sunak, chancellor of the exchequer, said: “[This] will make it easier than ever to pay safely and securely – whether that’s at the local shops, or your favourite pub and restaurant.”

 


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Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.

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