IDEX Comment: Contactless card payment limit raised to £100
March 2021 by Vince Graziani, CEO of IDEX Biometrics ASA
Following the announcement that the legal limit for single contactless card payments has been raised to £100, please find a comment below from Vince Graziani, CEO, IDEX Biometrics ASA.
Vince Graziani, CEO of IDEX Biometrics ASA, says“The increase to contactless limit is positive news for the payments industry, as it will provide a faster, more convenient and safer touch-free payment method. Over the past year, touch-free payments have quickly become second nature for consumers to tap their card to pay for goods and services instead of using cash or punching in a PIN to minimise the spread of coronavirus.
“However, with banks increasing contactless limits, they are exposing not only themselves but their consumers to greater levels of fraud. Higher levels of security during the payment authentication process are needed to combat this, and fingerprint biometric payment cards – which confidently link the user to their card - would be the ideal solution. As our economy gradually reopens, biometric identification in payment cards will become essential to help consumers navigate the shopping and transaction process safely, speedily and securely.”