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Santander allows UK customers to set lower contactless limits

Friday 10 December 2021 11:23 CET | News

UK-based Santander Bank has announced that its customers can now set their own contactless transaction limit lower than the maximum of GBP 100 introduced by the UK government.

The bank is offering customers the option of changing their card limit to any multiple of GBP 5 up to GBP 95 via the chat service on its mobile banking app and online banking website. Customers can also opt to turn off their card’s contactless payment functionality completely.

The move comes as small and medium enterprise (SME) payments provider Tyl by NatWest releases data showing that the average value of transactions accepted by its SME customers in the UK has risen by an average of GBP 7.85 since the contactless limit increase.

Lloyds Bank, Halifax and Bank of Scotland announced in September 2021 that they would start allowing customers to their own contactless spending limits after the UK increase in October, while Starling digital bank revealed that 50,000 of its customers had chosen to lower their own limit by early November.

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Keywords: contactless payments, mobile banking, online banking, SMEs
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
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Banking & Fintech

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