Lloyds Banking Group customers will soon have the ability to set their own limits as the new £100 ceiling on contactless card payments takes effect next month.
The increase in the contactless spending limit on consumer debit cards has sparked concerns that these transactions could become a target for fraudsters, who can carry out multiple transactions without detection when tapping to pay at retail outlets.
In response to customer concerns, Lloyds is introducing new card controls in its mobile app. This will allow users to adjust their limits in £5 increments, ranging from £30 to £95. Additionally, customers will have the option to disable contactless functionality entirely and opt for PIN entry at the checkout instead.
Philip Robinson, director of personal current accounts, payments, and fraud and financial crime at Lloyds Banking Group, stated, “We’ve listened to customer feedback to introduce this option, enabling them to utilize the £100 limit in a way that suits them.”
This app update will be available to customers of Lloyds, Halifax, and Bank of Scotland. While Lloyds is the first to announce this change, many other banks are also planning to enhance their apps. Starling Bank was among the first to mention the possibility of adjusting limits when the £100 contactless limit was suggested earlier this year.