Episode Details

From March 19th, UK banks can set their own contactless card limits, with big banks like NatWest, Barclays, and Lloyds initially sticking to the £100 cap. This flexibility aims to enhance security and growth, as contactless transactions make up over 90% of in-store card buys. Banks are cautious, with most not planning quick limit increases and keeping options for custom limits. Fraud safeguards remain strong, with customers still reimbursed for unauthorized swipes and larger amounts allowed for phone payments with biometric scans.

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