30% of Brits want contactless spending limit to increase

In April, the UK spending limit for contactless payments had been increased from £30 to £45

contactless spending limit

30% of Brits want contactless spending limit to increase. Source: unsplash.com

According to ACI Worldwide, 32% of UK consumers would like to see a further increase in the current £45 contactless spending limit.

Among those in favor of an increase, 40% report they want the limit to increase to £100.

The COVID-19 pandemic has been a massive accelerator and has led to behavioral change among consumers that normally would take years. As shopping habits have changed, so have the attitudes toward alternative payments. Our research indicates that this shift is not temporary but rather the new norm and retailers need to take note
 Andrew Quartermaine, vice president, merchant solutions, ACI Worldwide

When asked about behavioral changes, 63% of the respondents said that since the beginning of the lockdown they’ve made more card payments.

In fact, 21% of respondents said they do more grocery shopping online.

While 80% have made more contactless payments, 24% have carried out more mobile wallet payments.

The data found that 57% of Brits made more digital payments to feel safer. For 36% of the respondents, digital payments are easy-to-use, that’s why they are using them more.

When asked what changes they will make, 32% said they will use cash less often even when life goes back to normal. Meanwhile, 24% will continue to use more e-payments for convenience.

We’ve reported that the global mobile wallets industry is expected to boost nearly 50%, reaching $1.47 trillion value in 2020. For comparison, the global mobile wallets market was worth $405 billion in 2017.

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