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Retailers have welcomed moves to increase the contactless card payment limit amid the Coronavirus pandemic, says commercial property agent Prop-Search.
The spending limit for contactless card payments will be increased from £30 to £45, with a national roll-out beginning from 01 April 2020. However, some shops may take longer to implement the necessary changes given the current strain they are under.
One such retailer that is welcoming the news is Rutherfords in Wellingborough. The company is currently continuing to trade as an essential business, supplying emergency locksmith and hardware services, and Director Tim Nolan said: “We are all nervous at this moment in time and looking for ways to minimise the spread of the virus.”
“This payment increase will help me protect staff and customers alike by reducing cash handling and also give more people the choice to opt for the speed and convenience of purchasing goods using their contactless card – in turn this helps to cut queues at the till.”
Samantha Jones, an Associate Director and Retail Specialist at Prop-Search added: “It is hoped that this new measure will speed up transactions and reduce physical contact in the few shops that remain open. The Government has ordered all non-essential shops to close for at least the next three weeks, and people are being encouraged to only make shopping trips when essential as part of wider lockdown measures.”
“Customers can also continue to make contactless payments for higher amounts using their smart phones. Apple Pay does not currently have a universal limit on the amount that can be spent, but some retailers put their own restrictions in place.”
The coronavirus pandemic has also meant the introduction of new anti-fraud measures has been delayed. B anks were planning to introduce a system known as ‘confirmation of payee’, which will involve banks matching names as well as account numbers and sort codes, on 01 April, but this has been pushed back to 30 June.