I rarely use anything but my debit card. It seems such a long time ago that I would visit an ATM on an almost daily basis, now I go once every couple of months for cash to keep in my wallet for emergencies. My credit card is also used strategically for larger purchases to get the maximum benefit of the interest free period - it is paid off completely every statement, if I can’t afford it, I don’t buy it.
The only time I use cash is for paying tradesmen and only then to get a discount for cash otherwise they prefer a bank transfer.
I fear the days of cash are limited - though I don’t think cash will disappear completely anytime soon.
I remember my brother commenting that the limit on contactless payments in Australia was much more sensible in Australia than the UK - at the time I think it was 30pound in the UK and $100 here. So it seems a sensible move.
Actually am not sure what the limit is here now but I know it increased from $100 to $200 in early 2020. Such a convenient method of payment
I use my debit card as much as possible. However, the milkman, window cleaner & chap who keeps my garden borders tidy, all prefer cash. Since Covid, I buy a lot more online and that’s fine. No more trailing around supermarkets.
That’s all well and good. What happens though, if like me the other day, my debit card wouldn’t work using the swipe option. The checkout person said for me to use the card the other usual way, problem was at first I just couldn’t remember the four numbers required. I had used the swipe function so much those numbers had gone completely out of my head. I tried again and still it wouldn’t work, luckily like yourself though I did have some cash with me.
I wonder what would’ve happened if I didn’t have cash and the card wouldn’t work either, interesting?
Neither, it would be easier to break into ft Knox than Sue’s purse. Last time I saw it open Egyptian moths flew out pleased to escape from that small tomb
While legally in force from today (3 March 2021), the changes to limits won’t happen in practice immediately, as businesses will need to update their systems.
AFAIK, the increase hasn’t happened yet but:
Similar contactless payment technology – such as that offered by Apple Pay, Google Pay and Samsung Pay – doesn’t have a cap on the cost of transactions, although some retailers may choose to set a lower transaction limit to coincide with the cap used for contactless cards.
I use Google Pay on my Android phone and I have not yet encountered a limit.
Phone payments are also more secure than card payments.
Mr Georgiev said: “Payments made via mobile phones are even more secure than those made by contactless cards.
“That’s because there are several layers of security on the devices people use. First you need to verify the card when initially saving it in the app. Then, in order to make a payment, there are different types of security applied by different providers. There will be either a code or password required to activate the card and approve the payment, or there will be a fingerprint scan or face recognition system on the phone. The standard plastic card has a PIN that may be required from time to time, especially after new rules that mean merchants will ask for the PIN following a certain number of contactless payments. “But people often keep their PIN written down along with their card in a purse or wallet. For mobile payments the key factor is the multi-layer authentication which comes from the provider and the customer who has set up the security measures on the device.”
Apple Pay was the first ‘digital wallet’ on the market when it was released in October 2014. Android Pay followed in 2015 and was renamed Google Pay in 2018. There are no spending limits on either system, although some retailers cap the contactless payments at £30 – the same as cards.
They feature a host of security measures, including each card being given a virtual account number so that the real details are never shared with retailers to help protect against fraud.
They also require a screen lock to be set up on devices in order for them to work. Mobiles use NFC, or near-field communication, technology to ‘talk’ to the payment terminal and complete the transaction.
