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Lloyds Halifax and Bank of Scotland customers will set own contactless limits

todaySeptember 23, 2021 4

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Lloyds, Halifax and Bank of Scotland customers will set own contactless limits

Lloyds Bank, Halifax and Bank of Scotland customers will be able to set their own contactless card limits when the new £100 transaction limit starts next month.

They will have new card control tools in their app, allowing them to set their own limits.

From October 15, the contactless limit for card payments will increase generally from £45 to £100.

The increase will make card transactions swifter for customers, but there have been concerns that higher limits without the need to always enter a Pin could make transactions easier for fraudsters.

Customers of Lloyds Bank, Halifax and Bank of Scotland will be able to use their mobile app to set their own contactless limits, of between £30 – lower than the current £45 limit – up to £95.

The limit can be set in increments of £5.

They will also be able to toggle contactless functionality on and off. If they turn it off completely, they will need to enter a Pin when making card transactions.

Contactless limits will be set at £100 by default.

Anyone who falls victim to contactless card fraud will not be left out of pocket, Lloyds said.

Consumers will start to see retailers accepting contactless payments up to the new £100 limit from October 15, although it could take more time for some retailers to update terminals.

Philip Robinson, personal current accounts, payments and fraud and financial crime director at the banks, said: “When the contactless limit increases, our customers will be able to use new tools in our mobile app to switch contactless on and off and also set their own transaction limit.

“We’ve listened to customer feedback to introduce this option which will allow them to make the most of the £100 limit in a way that works for them.”

Published: by Radio NewsHub

Written by: Holiday Radio News Team

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todaySeptember 23, 2021 4