Contactless payment limit or no limit?

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.

Absolutely not. Because when you set it at £5,000 and I find your card and spend all your money before you realise, Monzo are on the hook for it. That’s why the limit is as low as it is.

3 Likes

It’s not your money you’re being comfortable with losing. It’s the bank’s.

4 Likes

Simple answer… set a limit, that’s part-funded by the bank… if you want 5000… have it, however, the bank is only liable for x amount. sign some paperwork to agree…

1 Like

As above.

£100, the bank, £4,900, you

Still want that higher limit?:rofl:

5 Likes

its my choice, why are you putting on me your own limit?

and if you want to move a more convenient cashless society both parties will need to take the risk. paying for an account that may even include a higher limit insurance

Might not be so simple. I suspect that the regulations would need to be changed to allow something like this.

2 Likes

Without doubt.

Legally, if a company then has to go after a mis-payment/refund issue, they now have two parties to deal with as well.

1 Like

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

For debate. No more than mate.

I agree, £100 is low.

But then, I avoid it by using GPay. No limits attached to that.

Struggle getting phone in slot at Pay-At-Pump terminals though :man_shrugging:

5 Likes

Sure. It doesn’t happen quickly, but it does change. I can remember the contactless limit being £15 (I think it was £10 previous to that).

On the other hand, the only time I’ve used s physical card this year has been at ATMs.

Watch this and will persuade you to up the limit - https://www.youtube.com/watch?v=bhoim6czy1I

Just use Google Pay or Apple Pay and enjoy it being limitless.

It’s far easier than trying to push some new laws/regulations :sweat_smile: and getting frustrated with the way things are now.

6 Likes

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.

It’s hardly inconvenient using Apple Pay.

1 Like

Can I use google pay at the Tesco counter? for a shop that’s £250? seen as not everyone has Apple Pay.

If they are contactless, they’ll take Apple/Google Pay.

Tesco have a lower limit I believe, some places it’s £250, some places there is no limit.

Unlikely you will be able to do £250 via Google Pay in Tesco - or just regular card contactless for that matter.