Dojo Becomes First to Go Live with MagicCube s i-Accept Product as its Contactless SoftPos + PIN in the UK and Ireland not constrained by contactless CVM limits prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Raising the contactless payment limit to £100 will make it easier for fraudsters to spend large sums of victims cash in one go, experts have warned.
Chancellor Rishi Sunak said the cap was set to more than double, ahead of shops reopening in April.
Mr Sunak s Budget states banks will be able to permit contactless payments of up to £100. Customers will be able to spend up to £300 without the need for to input their pin number.
The Budget document adds: The government looks forward to the banking industry implementing the new limits later this year.
But experts have warned it will be even easier for a fraudster to spend large sums of the victim s money .
Contactless payment limit: Warning as Britons urged to stay alert to card fraud | Personal Finance | Finance express.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from express.co.uk Daily Mail and Mail on Sunday newspapers.
Contactless payment limit increased to £100 in Budget by Rishi Sunak
The new limit is more than double the current single transaction threshold.
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The contactless card payment limit will rise from £45 to £100 from Wednesday, March 3 in an effort to boost the retail sector and help protect jobs.