Nearly half (48%) of shoppers would like to customise their contactless card transaction limit, or would like to have the ability to do so, according to new research among over 1,000 people during October by card machine provider Paymentsense.
For shoppers wanting a customisable limit, over a quarter (26%) would immediately raise it, but nearly one in five people (18%) would lower it. The top reason for those wanting to raise the limit is that £30 is too low (44%).
For shoppers keen to lower the limit (20% of those surveyed), the main reason was concern over fraud or theft (53%). A further 23% 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 one-third (38%) 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% of respondents with a higher household income (over £50,000) share this worry. In fact, two-thirds (67%) of shoppers from wealthier households would increase the limit pre-Christmas. The main reasons are increased spending (29%), saving time (21%) and preferring not to carry cash due to worries about being pickpocketed or losing their wallet (17%).
Guy Moreve, Head of Marketing at Paymentsense said: “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.”
