Octopus stored value limit increases to HK$3,000 to meet consumers’ greater spending needs — Octopus — “Any customer who possesses a Smart Octopus issued before 1 October 2019 or an Octopus product issued before 1 December 2019 can upgrade the stored value limit from HK$1,000 (US$127.75) to HK$3,000 (US$383.26) via Octopus App or at any Octopus Service Point. Once the stored value limit has been upgraded, customers can also make payment of up to HK$3,000 for each transaction starting from 1 December at over 3,200 retail outlets.”
UK-based neobank Revolut has implemented a Strong Customer Authentication (SCA) system that lets customers use their mobile banking app to authenticate their contactless card as they get close to reaching the new contactless transaction limit, avoiding the risk of having their card declined when they next attempt to make an in-store purchase... More
UK-based neobank Monzo is to use app notifications to provide customers who have a contactless card transaction declined due to new Strong Customer Authentication (SCA) requirements with the information needed for them to successfully complete their transaction... More
Hack breaks your Visa card’s contactless limit for big frauds — Forbes — “To carry out their hack, the researchers used a specialised piece of hardware to intercept and insert messages in the communications between the card and the reader. For instance, they could tell the card that verification — like a PIN — wasn’t needed, even though the requested amount was more than £30. They then told the terminal that verification has already been made by another means.”
Banks increase limits for contactless payments — News Now Finland — “Customers in most Finnish banks can now use their bank cards to make contactless payments up to €50. The previous limit was €25… 79% of Finns use contactless payments. Two years ago that figure was only 52%.”
Additional benefit for Mastercard contactless consumers — CorD Magazine — “Mastercard today announced that the maximum amount for contactless payments without a PIN will increase to RSD3,000 (US$28.76)… The current limit for contactless payments without a PIN, set at RSD1,500, was established in 2008.”
Customers of Dutch bank ABN Amro can now connect a wide range of Mastercard-certified wearables to their bank account and use them to make both standard, low value contactless payments and also, by entering a PIN at the point of sale, higher value transactions beyond the contactless limit as well... More
Tesco set to get rid of £30 limit on Apple Pay transactions — MoneySavingExpert — “The supermarket giant has said on social media: ‘We are currently in the process of trialling high value contactless payment with Apple Pay in a few of our stores and will be looking to extend this offer to the rest of our stores estate over the coming year.”
The percentage of payments made with a mobile phone in UK stores has jumped from 1.3% in Q3 2016 to 5.6% in Q3 2018, an analysis of 190m card transactions has shown... More
More than half of UK consumers (54%) would use a biometric payment card if their bank made one available today, a new survey has found, and 82% say it would become their preferred payment card... More
Biometric cards’ ability to enable frictionless customer authentication for higher value contactless transactions will lead to the technology gaining widespread adoption by 2023, Goode Intelligence predicts, with a total of almost 579m biometric payment cards in use around the world in five years’ time... More
Wearable payments specialist Tappy Technologies has unveiled a new watch strap design that combines its existing contactless payments module with a passive fingerprint sensor that can be used to increase the security and transaction limit of wearable contactless payments... More
Societe Generale is testing the idea of issuing bank cards that incorporate a built-in fingerprint verification sensor with the aim of using the added security the cards provide to allow customers to make contactless payments “with no limit on the amount.”... More
Contactless payments usage has grown 30% in the UK over the past year to become the most popular card payment type for in-store transactions, Worldpay reports — and the growth is partly driven by an “astonishing” rise in consumer adoption of mobile payment services... More
Alipay has warned customers that have linked their accounts to their Apple ID to lower their transaction limits, Reuters reports, due to hackers who “have taken an unknown amount of money from accounts using stolen Apple Inc IDs.”... More
A new survey has revealed that a significant minority of British consumers think that contactless payments lead to them losing track of their spending or laying out more than they intended... More
KNOWLEDGE CENTRE: Biometric sensor-on-card solutions, where a fingerprint sensor is built into a standard EMV card, “represent an important step forward for the finance industry, opening the way to eliminating fraud for issuers and cardholders, reducing costs and providing the additional security and identity verification required to support remote or cross-border transactions,” the authors of a new white paper conclude... More
China begins regulating QR code payments — The Verge — “The regulations will initially cap payments by traditional QR codes to 500 yuan, or about US$76. When additional security measures are applied, the cap can raise to 5,000 yuan, or around U$765. At an even higher security level, banks and payment processors are given discretion over the cap.”
Research – Shoppers keen to set their own contactless card limit — Paymentsense — “Nearly half (48%) 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 Paymentsense. For those shoppers wanting a customisable limit, just over a quarter (26%) would immediately raise it, but nearly one in five people (18%) would lower it.”
Feed for stories about Transaction limit.
