The spending limit for Apple Pay purchases in the UK has been bumped up from £20 to £30.
It’s the result of a decision from the UK Cards Association, the major industry association in the country. The group recently published statistics on the rise of contactless cards in the UK, noting that last December saw a jump of 257.8 percent over the previous year in spending via contactless cards, at £567.1m for that month. Similarly, the 81.2m contactless transactions made in June of this year reflect a jump of 240.9 percent over the year.
It’s an acknowledgement of consumers’ dramatic adoption of contactless technology in the country over the last several months, and while Apple Pay only launched in the UK in July, it’s very possible that it will be a significant player in the trend. According to Business Insider, the UK Cards Association has also suggested that contactless cards have demonstrated “a very low rate of fraudulent activity.”
While individual financial institutions like Barclays are also eager to get in on this trend with their own offerings, Apple Pay could prove to be a major slice of the pie going forward as consumer awareness increases with the launch of competing mPayment platforms. And if those trends materialize, the UK Cards Association will probably have to bump up spending limits beyond £30.
Source: Business Insider