The team at UK-based digital bank Monzo notes that beginning on October 14, 2021, they have increased the limit for contactless card payments “from £45 to £100.” So the Fintech firm’s clients can carry out single payments of “up to £100” using their contactless Monzo card.
All banking institutions and card providers across the United Kingdom are doing this, in order to make “paying smoother and more convenient for you,” the Fintech company added.
“To keep you safe, we’ll ask you for your PIN after you spend £200 through contactless. We’re also changing your cumulative limit, so you can get the most out of the new £100 limit for single transactions, while keeping your money safe.”
“From October 14, 2021, you’ll be able to spend a total of £200 using contactless, before we ask you to put your PIN in. This could be two £100 payments, five £40 payments, or 20 payments for £10, for example.”
The cumulative limit is an “important way” we (and all banks) “keep customers safe while using contactless,” the Monzo team explained.
Asking you to insert your card and enter your PIN “after you spend a certain amount lets us regularly check you still have your debit card and you’re in control of your account,” the company wrote in a blog post.
They further noted that whenever you are approaching this limit, they send you a quick notification to “let you know we’re going to ask you to insert your card and enter your PIN again soon.”
If you are using Apple Pay or Google Pay, then you need to know that “nothing will change,” Monzo’s management clarified. They confirmed that you may still perform transactions without “any of these limits.” That’s because they are able “to verify you using your fingerprint or Face ID, so we can be confident it’s you making the payment,” the company explained.
The Fintech firm also noted that they you will keep getting instant notifications whenever you “pay with your Monzo card.” And if you receive a notification for a payment you don’t recognize, then you can “immediately freeze your card in-app to stop any further payments (and un-freeze it if you end up recognizing the payment),” the company added.
They also mentioned that if you happen to be a fraud victim, then if you “spot transactions you don’t recognize on your account, please let [the Monzo team] know by tapping on the transaction you don’t recognize, then selecting ‘Something wrong? Get help’ at the bottom.”