But concerns have been raised about cards becoming more attractive to thieves and fraudsters, when high-value payments can be made with a tap of a card.<\/p>\n
Various protections are already in place, such as a prompt to enter a PIN after a series of consecutive contactless transactions are made.<\/p>\n
Consumers would still get their money back if it was stolen by fraudsters, according to David Geale, executive director of payments and digital finance at the FCA.<\/p>\n
“Contactless is people’s favoured way to pay,” he said.<\/p>\n
Speaking on the BBC’s Today programme, Mr Geale said while the system works well, rigid limits could “slow things down”.<\/p>\n
“So what we want to do is give banks and payment firms greater flexibility to set their own approach to contactless payment, where they see low risk of fraud,” he said.<\/p>\n
In practice, he said that means banks and payment companies could choose a limit based on their customers.<\/p>\n
“But what we’re really encouraging is that they’ll open up that flexibility for customers to set their own limits,” he added.<\/p>\n
Other countries, such as Canada, Australia and New Zealand allow industry to set contactless card limits.<\/p>\n
Jana Mackintosh, managing director of payments and innovation at UK Finance, which represents banks, said: “Any changes made in the future will be done carefully and ensure strong security and fraud controls remain in place.”<\/p>\n","protected":false},"excerpt":{"rendered":"But concerns have been raised about cards becoming more attractive to thieves and fraudsters, when high-value payments can…\n","protected":false},"author":2,"featured_media":204934,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[85,46,321,125],"class_list":["post-204933","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-il","tag-israel","tag-mobile","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/204933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=204933"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/204933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/204934"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=204933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=204933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=204933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}