Lloyds Banking Group gives customers power to set own contactless limit
Customers of Lloys, Halifax and Bank of Scotland will be given the power to set their own contactless limit from next month.
The cap for ‘tap and go’ purchases is currently fixed at £45 using a card from any bank, but is due to increase to £100 from 15 October.
What has Lloyd Banking Group said?
Lloyds Banking Group, which runs Lloyds, Halifax and Bank of Scotland, will give customers the ability to set their own personal contactless limit when the £100 cap is introduced in October.
The feature will appear in the Lloyds, Halifax and Bank of Scotland apps, allowing customers can to choose their own limits for contactless spending.
The limit can be set in increments of £5 and customers will be able to set a spending cap for their contactless card from £35 up to £95.
The app will also provide an option to turn off contactless payment completely, meaning customers will need to pay using chip and pin at checkouts.
Concerns over fraud
The plans to increase contactless spending to £100 has sparked concerns as the ability to spend more without the need for chip and pin could make people more vulnerable to fraudulent transactions.
However, Lloyds has said that any customers that are victims of contactless card fraud will not be left out of pocket.
Payments and fraud director at Lloyds, Phillip Robinson, said: “When the contactless limit increases, our customers will be able to use new tools in our mobile app to set their own transaction limit and also switch contactless on and off.
“We’ve listened to customer feedback to introduce this option which will allow them to make the most of the £100 limit in a way that works for them.”
This rise in contactless spending has skyrocketed during the pandemic, with the limit increasing from £30 to £45 just last year.
Apple pay and Google Pay currently have no limit for contactless spending.
This article originally appeared on our sister site, NationalWorld.