Some fear overspending or say the change from Friday is ‘a thief’s dream’, but there are safeguards
It’s a financial revolution that began quietly in September 2007. That is when the first contactless bank cards were introduced in the UK, allowing people to “wave and pay” for low-value items such as a cup of coffee or a newspaper. At the time, spending was capped at £10.
Fourteen years on, with at least 135m contactless cards in circulation and the technology accounting for 9.6bn payments a year and rising, the limit is about to go up to £100. This change, which takes effect on Friday 15 October, will more than double the current £45 cap.