The emergence of contactless payments has changed the way we pay, with contactless cards allowing us to make a simple tap or use a mobile phone to pay effortlessly using the “tap-and-go” method. How can you start using this convenient approach that combines a card or mobile device with biometric authentication? We need to look at how contactless payments work and what kind of contactless limit you can expect to have.
The emergence of contactless payments has changed the way we pay, with contactless cards allowing us to make a simple tap or use a mobile phone to pay effortlessly using the “tap-and-go” method. How can you start using this convenient approach that combines a card or mobile device with biometric authentication? We need to look at how contactless payments work and what kind of contactless limit you can expect to have.
What are contactless payment limits?
Contactless cards use the latest technology to allow you to pay rapidly at a payment terminal where you can see the contactless symbol. By using technology like near-field communication (NFC), the card issuer includes an embedded chip that reduces the need to confirm your PIN at the payment terminal. Since they don’t always require PIN verification, the payment terminal immediately takes the money from your bank account.
Contactless payments offer a highly secure payment method for goods and services you buy from merchants worldwide. But we need to remember that it’s still a type of card payment or a mobile phone payment linked to a bank card.
It means contactless limits have to be in place, just as there are limits when you use your card directly to pay in any other way. Having a transaction limit and an overall maximum amount you can spend in this way makes it even more secure. You can carry out card transactions with a higher level of security and convenience. The right spending limit for your needs is going to give you peace of mind, as well as being able to pay comfortably. Payment card fraud and other potential issues are avoided by setting contactless payment limits that are right for you.
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Determining contactless limits: factors and variations
How is a contactless limit set? The banks that issue contactless payment cards decide what limits to offer on the contactless payments that can be made. This largely depends on the policies set by the card issuer. If you use a mobile wallet like Apple Pay or Google Wallet, the same limit may be in force, or it may vary.
However, the other factor that can affect the limit is the region where the card is issued or used. In the UK, you can expect a limit of £100 for contactless payments. Limits vary in Europe, with €50 used in many places. If you’re going to use contactless cards to make payments in the US and Canada, there are no overall limits, with each institution setting its own amounts. Before traveling, it’s a good idea to check if the businesses there accept contactless payments. If so, you can see what payment limits you can expect to find there.
Understanding the benefits of contactless payment limits
Using a contactless debit card offers a range of useful benefits for us to consider. The most important is the safety factor added to all your card transactions. This approach is an excellent security solution to avoid fraudulent transactions. Adding the biometric authorization needed by an Apple Watch or Samsung Pay wallet creates an extra layer of security in the verification process.
It also avoids other types of unauthorized use. Your contactless card won’t be activated and won’t make payments when you’re walking past a contactless payment device. Merchants can’t confirm a single transaction on your card without your approval. If you use a digital wallet, it also means that you avoid potential security issues with employees or family members mistakenly using your card.
The convenience of making payments directly to merchants from your contactless card or mobile wallet also needs to be considered. With a contactless device, your payments go through to your bank immediately. So you can check your updated account balance right away and stay in control.
Contactless payments provide an approach that can be used for small-value purchases without making a PIN transaction, giving the added advantage of avoiding the risk of the PIN being compromised.
How we utilize contactless technology
All Genome’s payment cards are contactless, meaning they can be used effortlessly for contactless payments via Apple Pay, Google Pay, and Garmin Pay. By harnessing this technology, we allow you to make mobile contactless payments using a smartwatch or a mobile phone.
The contactless cards offered by Genome can be used when you pay merchants who accept contactless payments. It means you can select your digital wallet linked to a Genome card as a quick payment option on the merchant’s website.
By adding real-time notifications, you’ll get notified right away of your contactless payments and other transactions, letting you confirm immediately the details of the transaction you just carried out.
Adjusting contactless limits: what you can do
The card issuer sets the limits for contactless payments and transactions on your card. It means that you need to contact them if you want to make large payments on a new limit. Look for the help center and see if there’s a live chat option for requesting limit changes per transaction.
Some card issuers let you check and change your limits for card payments by signing in to their online platform. However, you might still like to get in touch with your banks or financial institutions to confirm that it’s done correctly and that your limit for contactless transactions has been updated.
You might need higher contactless limits in different situations. For instance, if you need to pay for regular business purchases on your business trips. Or maybe you need to pay for transport or some other type of service.
Depending on the destination, you might spend more than your usual business purchases at home. As a business grows, it could also be necessary to carry out contactless payments and other transactions for higher values.
You might want to change the contactless payment limits when you switch to a new card from one with a chip and PIN. Don’t forget that these cards have an expiry date like all other bank cards, so when it reaches this expiration date, it might seem like a natural moment to request a new contactless card with a higher limit.
In the same way, if your current chip & PIN card doesn’t include contactless technology, you might want to change to one that does. If you make a lot of relatively small purchases, this can be an excellent way of making transactions easier, faster, and more secure.
The future of contactless payments
The way we make contactless payments and transactions has evolved enormously in the last few years. Cutting-edge technology means people can use cards to make contactless transactions using Google Pay, Samsung Pay, Apple Pay, and other convenient digital wallet options.
How we pay for contactless transactions should continue to change as emerging technology is added. The idea of carrying out verification using biometric authentication may provide one of the major changes. While this is already possible, we could see it become more mainstream as contact payments are incorporated into more wearable devices such as smartwatches and connected rings.
It is a method of making contactless payments that we expect to become more popular in the future as more people decide to try it. Whatever type of payment device we use, we can look forward to seeing more people make payments this way.
Leveraging Genome’s expertise in contactless payments
Choosing the right services from Genome helps you carry out secure contactless payments in the way that best suits you. We support secure and efficient contactless payments that help you manage your money better and pay merchants effortlessly.
Check out our physical cards, virtual cards, and the rest of our services, which are designed to make life easier for you, such as dedicated IBANs, SEPA Instant/Credit Transfers, and more! Our payments technology incorporates the latest payment technology to give you a variety of ways to send money, receive payments, and remain in control at all times.
All our cards are contactless and compatible with Apple Pay, Google Pay, and Garmin Pay. The cards can be linked to our EUR, USD, GBP, PLN, CHF, CZK, HUF, and SEK multi-currency accounts.
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FAQs
Are contactless payments easy to make?
Yes, to make contactless payments, you need to tap the payment terminal with your card. If you’re using Google Pay, Apple Pay, or some other mobile payment wallet, you’ll need to confirm the transaction.
Are contactless payment limits the same as ATM withdrawal limits?
Not always. You should check your contactless payments limits before using your card.
Are contactless payments only available on debit cards?
Contactless credit cards are available, as well as debit cards. You can also use the likes of key fobs, smartwatches, and other connected devices to make contactless payments.
How can I see if my card is suitable for contactless transactions?
Look to see if the card has a contactless indicator on it. If it does, you can use it with terminals showing the same symbol. Confirm with the sales assistant if in doubt.
Do I need a PIN for contactless payments?
You may be asked for your PIN, particularly for added security on larger transactions. Don’t forget that your PIN is also needed to withdraw cash from ATMs.
