Contactless limit raised

just checked my limits and saw monzo raised the contactless limit before the pin is used to £225 which is good for some

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Great spot! Not seen this advertised by Monzo anywhere either.

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It has been discussed on the forum but I can’t find the thread atm.

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yeah i was discussed the other day for being too low and some people became abusive on the tread so they decided to close it.

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@MalaiseForever is correct, it was mentioned before.

I think because of all the drama going on in that topic it was slightly overlooked:

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A staff member posted last week (I think) saying something along the lines of wanting to make sure that they ‘get all their regulatory ducks in a row’ before making an annoucement, as I recall.

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Ahh must have missed that then! Be good for them to do a blog post or something on it to let the wider public know :slight_smile:

Where can I find this screen if using iOS version of the app? :blush:

I would assume it’s the same as Android.

Tap the y̶e̶l̶l̶o̶w̶ ‘account & overdraft’ button underneath the image of your card. It’s at the bottom of the next page :slight_smile:

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Or the blue ‘account’ button if you’re not in your overdraft.

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Ohhhhh is that what it is :exploding_head:: :laughing:

Thanks @Ordog and @hdwrng - I was looking everywhere under Settings! :grin:

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under the card you click on account then limits and allowance

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Enjoy. :slightly_smiling_face:


This limit (at its original value) is imposed by the European Union Payment Services Directive 2: Strong Customer Authentication laws. Despite how you may feel about the EU, it is effectively copied into UK law.

As a UK Bank, we are regulated by the Financial Conduct Authority, who make sure we follow those laws. We have to talk to them if we want to make a change like this, and everyone on both sides has been a little busy lately with the state of the world. :sweat_smile:

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Rika, do you have a sense as to whether these changes are definitely temporary, or if things go well (eg fraud doesn’t increase significantly) they might be made permanent? :crossed_fingers:

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Excellent :slight_smile:

Bit of both. The bump to £45 will be permanent, as that’s just bringing UK contactless limits in-line with the rest of the EU (€50).

The increase in the cumulative limit before Chip & PIN (£225) will be temporary. The regulations on this haven’t actually changed, instead the FCA has said they probably won’t take any enforcement action against banks that increase the limit due to Coronavirus concerns.

Having said all that, once the UK leaves the EU proper (who knows when that will actually happen), then anything is up for grabs as UK will be free to completely rewrite all of the relevant laws (and will probably do so).

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If FCA has for all intents and purposes said this rule doesn’t exist anymore then did we really need it in the first place? There’s plenty good arguments for it being temporarily lifted but I can’t see any arguments for why the FCA think it’s necessary to bring back later.

Genuine question: What argument is there for a £135 chip&pin cap (in future) that isn’t mitigated by “well we didn’t need it during the outbreak”?

This is where regulation and the EU gets complicated. With SCA the FCA aren’t the final arbitrators here, the EBA is. The EBA can (while we’re still part of the EU) force the FCA to enforce the regulation, regardless of if the FCA thinks it’s a good idea.

In person card usage has collapsed due to Coronavirus (people literally aren’t going out) and so has contactless fraud. Lockdown has reduced contactless fraud by almost 80%. So even in the worst case (all contactless fraud incident now cost us £255 rather than £135) it wouldn’t significantly increase total contactless fraud above pre-lockdown rates.

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Surely it costs a maximum of £255, or are you liable for the entire limit (with the remainder being syphoned off somewhere) for a £20 fraud?