Page 17 - PA_Enterprise_October-November-2021

PA Enterprise
Holly Andrews, Managing Director at KIS Finance
says:
“While many are happy for the contactless limit
to increase to £100, the vast majority of shoppers
want to be able to set their own limit.
When asked for their reasons why, almost 50%
of people stated that they want to be able to
control their own finances as they fear a limit so
high could see spending get out of hand.
For those who have a tendency to make impulse
purchases on a regular basis, contactless cards
make this kind of spending even easier. When
you have to enter your PIN number, you have a
moment to stop and think and realise what you’re
doing. When you pay with cash, you can see the
money physically leaving your hand. Using a
contactless card is a completely mindless process.
PA Enterprise is published by
With £100 as the new limit, shoppers could see
spending rack up a lot faster than they’re used to,
especially as we head towards the festive season.
Concerns over an increase in card theft are also
shared by a great number of shoppers. With the
cumulative cap for contactless payments rising
to £00 on 15th October, this could see criminals
spend hundreds of pounds before the victim
even realises that their card is missing.
As people try to regain control over their finances
after a very difficult year, we need to see every
bank introducing personalised contactless limits,
making it an industry standard. Increasing the
contactless limit to £100 for customers who
are already in their overdrafts and/or regularly
relying on credit cards for every day spending
could have a detrimental effect.”
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