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Apple Pay transactions capped at £20 at launch

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Apple Pay transactions capped at £20 at launch

Apple Pay will be subject to the same £20 single transaction cap as contactless payment cards when it launches in the UK in July.

That’s despite the fact that Apple Pay has an extra layer of security thanks to the Touch ID fingerprint scanner found on iPhones from the 5S upwards.

It’s believed that many of the pay terminals already in shops are either incapable of taking payments much higher than the current £20 limit, or at least require a software update in order to be able to do so.

Contactless payments do not currently require any security and have been capped at £20 to cut down on fraud.

The cap will rise to £30 in September after an agreement was reached between banks and card suppliers back in February.

The move means that Apple Pay will remain a tool for low-ticket purchases such as a round in the pub or a quick grocery shop. The only exception is likely to be high street Apple stores.

Apple Pay will work with cards from banks including HSBC, NatWest, RBS and Santander from July, with the likes of Halifax and Lloyds to follow in the autumn.

Source:

Engadget

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