Consumers split over customised contactless thresholds
Of the 48% of respondents who wanted to take control over their contactless limit, just over a quarter stated that they would raise it immediately – 44% believed a £30 limit to be too low yet almost one in five people (18%) claimed that they would reduce their contactless threshold.
The main reason for wanting a lower limit is the fear of theft and fraud.
Split by income
The study also revealed divisions between higher and lower income households when it came to Christmas shopping.
On average, over a third (38%) of those on an income up to £30,000 would not raise the £30 limit, fearing overspending on presents, food and drink. Only 12% of respondents earning in excess of £50,000 shared this concern, with two thirds of this group stating that they would like to increase their limit in the run-up to Christmas.
The main reasons given for this were identified as increased spending (29%), saving time (21%) and preferring not to carry cash over fears of being pick-pocketed or losing their wallet (17%).
Desire for customisation
Paymentsense head of marketing Guy Moreve said: “As we approach the Christmas shopping period, there’s a clear desire for shoppers to customise their contactless limits. Some are keen to have a lower limit to help budget and control spending, while others want to raise it for convenience.
“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,” Moreve added.
As reported by The Morning Advertiser, Brigid Simmonds, chief executive of the British Beer & Pub Association, is in favour of a higher ceiling for contactless payments.
She said: “We would like to see an increase to the ceiling for contactless payments from £30 to £50 and for contactless cards to be available for use in AWP Category C gaming machines."
The survey was conducted on 4-5 October and involved a representative sample of 1,029 people.
