Contactless payment; streamlined feature. I like how the amount has increased. When paying for fuel in my car and it is above the contactless limit. Was thinking should there be a limit, if so how much, or should there be no limit?
My two cents - we should be able to set a limit ourselves that we are comfortable with.
Industry changes all the time, how much the bank allows to be used over contactless will be industry-led, and Monzo will have a say. it’s all about Risk, and you would mitigate/de-risk the situation by having an agreement of liability in place, as well as an extra source of income from the insurance of the higher limit from customers, again mitigating the financial risk to the bank… the higher the limit the higher the premium, the more the bank covers, the higher the premium… etc
Yes, this is definitely the answer to the problem of convenience vs authentication, if you ask me.
Mobile payments have the same convenience but far greater security, so should replace cards completely one day.
I expect that there will be an intermediate stage where contactless works via the fingerprint-authenticated method on a card, for people who don’t have a phone, and that may well be rolled out quite widely for those users.
Cards of the future probably won’t have magstripe, signature lines, embossing or even visible card numbers at all (so the data can’t be captured and used to buy something online) so it could pretty much just be a little fingerprint sensor gadget in the form factor of a card.
I think the limit at £100 is far too low. Monzo perhaps should make use of other data such as spending patterns and using your location compared against where the card is trying to be used to decide when to challenge a transaction. Individual transactions are capped and users would be quick to act on fraudulent transaction with instant notifications so this hard limit is nonsense.