FINTECH

Lloyds To Let Customers Set Own Contactless Transaction Limit

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By Tom Phillips

Customers of Lloyds Bank, Halifax and Bank of Scotland will be able to set their own contactless spending limit when the UK increases its national transaction limit to £100 (US$137) on October 15.

The three Lloyds Banking Group institutions are adding new card control functions to their mobile apps that will enable customers to choose a spending limit of between £30 (US$41) and £95 (US$130) and switch their card’s contactless functionality on and off.

Customers will be able to lower or raise their limit in £5 (US$7) increments or leave it on the default setting of £100.

“When the contactless limit increases, our customers will be able to use new tools in our mobile app to switch contactless on and off and also set their own transaction limit,” Lloyds Banking Group’s Philip Robinson says.

“We’ve listened to customer feedback to introduce this option which will allow them to make the most of the £100 limit in a way that works for them.”

The UK raised its contactless transaction limit from £30 to £45 in April 2020, announced that it is to increase it to £100 in March this year and confirmed in August that it is to begin rolling out the new limit on 15 October.

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