Contactless payment limit increase welcomed but concerns over card theft and overspending
Responding to the increase in contactless payments limit to £100 Sarah Pennells, head of financially capability at Royal London, said:
“This will be widely welcomed by those who routinely tap their card to pay, and is clearly in line with a gradual move away from cash payments. However, it does make card theft more attractive and could also encourage people to spend more – possibly more than they can afford. Some countries are developing innovative ways to deal with contactless fraud, and we should consider what might work well in the UK as well as looking at ways of helping consumers stay in control of their spending.”
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.