Two-thirds of UK consumers would prefer to use contactless payments more often

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Two-thirds of British consumers would prefer to use contactless payment methods more often than they already do according to stats from Visa.

Over eight in 10 in store payments are now made through contactless methods and the news comes as UK Finance recently announced it was increasing the contactless limit to £100 next month.

The British public have embraced the “tap to pay” method but there are still a number of concerns surrounding its safety.

However, paying via contactless card actually has one of the lowest fraud rate types of any payments at 0.01 per cent across Europe.

READ MORE: Pandemic has driven contactless spending up 30%

When the contactless limit was raised to £45, the fraud level rates defied expectations and actually declined.

Other countries such as Singapore, New Zealand and Canada have all upped their contactless limits to £100 and have not seen any increase in fraud activity.

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.

Numerous studies have suggested that the pandemic has driven dramatic growth in contactless payments, advancing the technology’s adoption by years.

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.

“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 a weak link thieves could exploit.”

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