The UK has been leading the way in adopting various methods of cashless payments, which has been incorporated in our credit and debit cards here, and most recently includes Apple Pay (which I’ve already seen adopted in places from Frankie and Benny’s to Percy Ingles). This method of payment is fast becoming ubiquitous and we’re leaving our excess jangly coins in our piggy banks, though up until now the limit on these payments has been £20 for individual transactions across the board.
What is happening today
Today, the UK Card Association has announced that the limit is rising to £30 after boasting how Contactless spending has risen from £287 million per month in January 2015 to £567 million in June 2015, highlighting how £2.5bn was spent on the first half of 2015 alone, compared to £2.32bn for the whole of 2014. With Google’s Android Pay on the way shortly, that figure is set to rise further as we seek to be rid of our pocket change, which is inevitable. Whilst this is going live across the country from today, terminals are still being updated, but should be available on all approved terminals by the end of the month.
What does this mean for you?
This should mean that instead of your small purchases in your newsagent, or pub, you can use contactless for something more substantial such as a family shop, however, with the increase in the limit and support arriving on mobile devices, this will undoubtedly make the whole thing more attractive to thieves. With this incoming, you should pay closer attention to where you store your cards now, and if you do suspect fraud, get in touch with your bank to get it sorted.
Source: UK Cards Association