1614779172 uk to double apple pay and google pay contactless limit

U.K. to Double Apple Pay and Google Pay Contactless Limit

Uk to double apple pay and google pay contactless limit

The BBC reported on Wednesday that Britain is set to double the current contactless payment limit, which is 100 British pounds or around $ 140 a summer. Contactless payment is widespread in the UK, not only through physical credit and debit cards, but also using mobile payment systems such as Apple Pay and Google Pay.

The previous limit was set as 45 pounds / $ 62 in 2020, a slight increase from the former 30 / $ 42 pound limit. Contactless payments have seen an increase in the utility of the epidemic as cash has been slashed downward due to fears of viral broadcasting. Contact-less payments have also been adopted in a new way by online, app-based banks such as Manzo, where payments can be made from phones, even without a physical card.

The contactless payment upgrade is part of the UK’s annual budget, which was announced on 3 March, and UK Chancellor Sage Craze told media outlets, “As soon as we start opening up the UK economy and people on the high street Returns, the contactless limit will increase. It is easier than ever for people to pay for their purchases, offering a welcome incentive in retail that will protect jobs and drive growth. “

The Chancellor craze’s rosy outlook is not a prevalent view in the banking sector, among others. Sky News reported on Tuesday that industry sources had privately urged the Chancellor to at least implement policies to slow rollout or reduce the risk of fraud.

Payments made when using a bank card often require PIN entry at some point, an unlimited number of payments can be made using Apple Pay or Google Pay as people can only make purchases, bypassing that restriction. Requires unlocking your phone. Not even a face mask is a hindrance to payment approval these days, either. But still, the concern lies in a realistic place: a stolen or cloned physical card can now A lot of Short-term financial loss with a pin-less 100-pound limit.

However, while Sky notes that payment-related fraud has increased in recent years, it also adds that fraudulent transactions have not increased significantly since the pre-2020 contactless payment limit increase.

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