Two-thirds of British consumers prefer to use contactless payment methods more often than they already do, claimed reports on Friday (3), citing statistics from Visa.
Over eight in 10 stores payments are now made through contactless methods, said the report. The findings come as the UK is set to increase the contactless limit to £100 from October.
The report further stated that despite a number of concerns surrounding its safety, paying via contactless card actually has one of the lowest fraud rate types of any payments at 0.01 per cent across Europe.
Other countries to have upped their contactless limits are Singapore, New Zealand and Canada and they have not seen any increase in fraud activity, stated the report.
While some retailers will implement the £100 contactless limit immediately, UK Finance said it would take “some time” for all UK terminals to be updated.
Once the new limit has been introduced, spenders will be able to make up to five transactions or spend a maximum of £300 (the current limit is £130) before they are asked to use their PIN number.
However, the authorities have warned that such a move may make “card crime more rewarding” and contactless has always been a “weak link”.
“There’s a risk it could make certain forms of card crime more rewarding, such as bag snatching, and picking pockets, and we could see an increase in these kinds of thefts,” Investment service Hargreaves’ Sarah Coles said.
“Contactless features have always been weak link thieves could exploit.”
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