In response to the fragile times that we are going through,
U.K. Finance has advanced that the country will be increasing the contactless payment limit from £15
($17.43) to £45 ($52.29). This is the trade association representing the settlements
and finance sector in the United Kingdom.
The current pandemic has unsettled several economies across
the globe and people are being discouraged from going out. In many areas, the
public sphere has closed down. As such, this decision was taken to make sure
that consumers have less contact with one another and with payment machines as
they go through their daily tasks. By increasing the limit, the UK hopes that
more people will process financial
transactions in a contactless way and this will help lessen the spread of
the virus.
According to Oxford Mail, the firm has been
considering this move for quite some time but the decision to implement it was
recently sped up. The divisional president of a huge financial company in the UK
said that this increase makes sense in the long term because of security,
confusion and fear. He advanced that “cardholders and shopkeepers will soon be
able to make and receive more of their purchases both quickly and securely, and
without the need to enter a PIN”.
The
UK is encouraging contactless payments
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