Contactless Payments Limits and Fraud

A brief history of brick-and-mortar shopping would reveal a trend of less and less contact between the customer and the cashier over time. First there was cash, then came payment cards, and now contactless payments through digital wallets are becoming increasingly common. 

While you’re probably still doing most of your in-person shopping with a credit or debit card, a future where contactless payment is the norm is getting closer every day. Recently, twenty-nine countries in Europe and Asia changed their regulations to allow for higher contactless payment limits. Is this good news for tech-savvy merchants, or are there potential drawbacks to watch out for?

The timing couldn’t be more ripe for an expansion of contactless payment schemes. The COVID-19 pandemic changed customer behavior in many ways, including many customers trying to limit how often they touched things other people have touched. While some things have gone back to normal, many will want to keep using contactless payment methods now that they've discovered the convenience of not having to insert a card and wait a few seconds for each transaction.

Full Text:
https://www.chargebackgurus.com/blog/contactless-payment-limits-increase

©Chargeback Gurus 2021
Production: Emily Woodward
Narration: Phil Claffey