According to new research
Nearly half (48 per cent) of shoppers would like to customise their contactless card transaction limit, or would like to the ability to do so, according to new research* from card machine provider Paymentsense.
For those shoppers wanting a customisable limit, just over a quarter (26 per cent) would immediately raise it, but nearly 1 in 5 people (18 per cent) would lower it. The top reason for those wanting to raise the limit is that £30 is too low (44 per cent).
For shoppers keen to lower the limit (20 per cent of those surveyed), the main reason was concern over fraud or theft (53 per cent). A further 23 per cent of shoppers want to lower the limit to help manage fluctuating finances.
When it comes to Christmas shopping, the study also revealed divisions between higher and lower income households. On average, over a third (38 per cent) of those on a lower household income (up to £30,000) would not raise the £30 limit over Christmas, fearing overspending on presents and food and drink.
In contrast, only 12 per cent of respondents with a higher household income (over £50,000) share this worry. In fact, two-thirds (67 per cent) of shoppers from wealthier households would increase the limit pre-Christmas. The main reasons are increased spending (29 per cent), saving time (21 per cent) and preferring not to carry cash due to worries about being pickpocketed or losing their wallet (17 per cent).
Guy Moreve, head of marketing at Paymentsense said: “As we hit the main Christmas shopping period, there’s a clear desire for shoppers to customise their contactless limits. Some are keen to have a lower limit to help budget and control spending, while others want to raise it for convenience.
“Contactless card payment is fast becoming the norm, with 80% of those we surveyed owning one. Shoppers now expect to use them almost everywhere – both in a traditional or contactless manner,” Moreve added.