Nearly half (48 percent) of U.K. shoppers would like to customize their contactless card transaction limit, or would like to the ability to do so, according to research from Paymentsense.
For those shoppers wanting a customizable limit, just over a quarter (26 percent) would immediately raise it, but nearly 1 in 5 people (18 percent) would lower it. The top reason for those wanting to raise the limit is that £30 (US$39.90) is too low (44 percent).
For shoppers keen to lower the limit (20 percent of those surveyed), the main reason was concern over fraud or theft (53 percent). A further 23 percent of shoppers want to lower the limit to help manage fluctuating finances.
When it comes to Christmas shopping, the study also revealed divisions between higher and lower income households. On average, over a third (38 percent) of those on a lower income (up to £30,000) would not raise the £30 limit over Christmas, fearing overspending on presents and food and drink.
In contrast, only 12 percent of respondents with a higher household income (over £50,000) share this worry. In fact, two-thirds (67 percent) of shoppers from wealthier households would increase the limit pre-Christmas. The main reasons are increased spending (29 percent), saving time (21 percent) and preferring not to carry cash due to worries about being pick pocketed or losing their wallet (17 percent).
“As we approach the Christmas shopping period, there’s a clear desire for shoppers to customize their contactless limits,” Guy Moreve, head of marketing at Paymentsense, said in a press release. “Some are keen to have a lower limit to help budget and control spending, while others want to raise it for convenience.”