As with any new technology, when contactless payment came out there were many who were sceptical about how this form of payment could be safe. Over the last few years, though, we have seen a large rise in the number of people using contactless technology.
Many consumers have begun to trust the payment method which has increased the convenience of transactions: 416.3m contactless payments were made in April 2017 alone.
The rules of contactless payments
As most people are now aware, contactless payments can be made on any purchase under £30, which was increased from £20 in September 2015. That helps to prevent fraud and excessive use of the payment method.
According to GoCompare, 42% of users would want that limit to be raised but, for now, it’s set to stay at that level. There aren’t many other rules in place when it comes to contactless cards, despite a few myths around it.
How often can I use it?
Many people feel as though there is a cap on the number of times you’ll be allowed to use your contactless card, but while the bank may sometimes want to make sure no fraud is happening, this is not strictly true.
There is no limit of the number of transactions you can complete in a day via the contactless method, but there is a caveat to this. Intermittently, your bank may ask for you to enter your PIN to ensure it’s you – and not anyone else – that is using your card.
Similar to how you have to use your PIN when you first use the card, this is to reassure the bank that your card isn’t being used by anyone else. Once you have used the PIN, you’ll be free to use your contactless card as you did before.
This means that if you’re ever out and your contactless payment stops working, it’s simply the bank protecting you from fraud. Hopefully at that point, you haven’t used your contactless card that much that you’ve forgotten your PIN!
Take a look at our contactless payment machines and improve your business today.
May 31, 2019