It has been well reported in the past week that UK Finance has asked the Treasury for the maximum amount paid via contactless cards to be increased from £45 to £100. Will the Government department be more open to this with the conclusion of the Brexit deal ? It will be a break from the Euro Zones unified approach. It would show the benefit of UK’s new found independence and keenness to be a leader in digital payments market.
Card spending via contactless was at a record high in August (62% of all transactions) and September. September was 18.1% up on 2019 ( 64% of total transactions) and thats with a huge reduction in activity due to social distancing and Covid restrictions. The uplift to £45 per transaction at the height of the first lockdown had probably also produced the 18% in value, increase on contactless spending.
Card fraud will be a consideration for the Treasury and FCA, though current figures show that misuse is less than .3p in £100 spent. If the Retailers provide secondary security for bigger value items fraud risks can be mitigated further.
The benefit of a £100 limit brings regular purchases like filling up the car and the weekly shop onto contactless. Who during #eatouttohelpout hasn’t had a restaurant bill that sneaked over £45 and had to insert the card for a pin payment ?
There has never been a better time to prepare for a return to ‘normal trading’ by including unattended contactless Kurvey systems in any roll out strategy for 2021. Kashing offer a full range of solutions - contact us today for a run down of how we can help your business.