Lloyds Banking Group gives customers the power to set their own contactless limit
Lloyds, Halifax and Bank of Scotland customers will have the power to set their own contactless limit starting next month.
The cap for ‘tap and go’ purchases is currently £ 45 with a card from any bank, but is expected to rise to £ 100 from 15 October.
What did Lloyd Banking Group say?
Lloyds Banking Group, which operates Lloyds, Halifax and Bank of Scotland, will give customers the option to set their own personal contactless limit when the £ 100 cap is introduced in October.
The feature will appear in the Lloyds, Halifax and Bank of Scotland apps, allowing customers to choose their own limits for contactless spending.
The limit can be set in increments of £ 5 and customers will be able to set a spending limit for their contactless card from £ 35 to £ 95.
The app will also provide an option to turn off contactless payment altogether, meaning customers will have to pay using a chip and PIN at checkouts.
Concerns about fraud
The plan to increase contactless spending to £ 100 has raised concerns as the ability to spend more without the need for a chip and PIN could make people more vulnerable to fraudulent transactions.
However, Lloyds has said that not all customers who experience contactless card fraud will be left behind.
Lloyds Director of Payments and Fraud Phillip Robinson said: “As the contactless limit increases, our customers will be able to use new tools in our mobile app to set their own transaction limit and also turn it on and off. contact.
“We have listened to customer feedback to present this option which will allow them to get the most out of the £ 100 limit in a way that is convenient for them.”
This increase in contactless spending has exploded during the pandemic, with the limit rising from £ 30 to £ 45 last year.
Apple Pay and Google Pay currently have no limits for contactless spending.
This article was originally published on our sister site, NationalWorld.