Conactless credit cards....forward or backward step?

[Tin Pot]

The security of contactless isn't really worth worrying about - there plenty going on that isn't publicised to secure them.

What is concerning is that it's just another way to make spending money easier and harder to self restrain.

 

[NickNick]

And she got her £300 refunded, correct?

Yes but a) it's a bit of a faff and could still leave you in a bind while you're waiting for it to go through. b) doesn't sit right with me that it will help enrich fraudsters irrespective of whether I'm ultimately left out of pocket

 

[classic33]

Cardholder payment networks are going the way of the cheque - visa and MasterCard are farked, but it'll take fifty years for them to finish dying.

You can avoid transaction fees through faster payments based systems, or possibly even Applepay. Apple batch up all transactions at the end of the day so they only pay for one transaction fee.

Earning interest whilst its in their account(s).

The card fee would apply using it at a cash machine as well.

 

[NickNick]

What is concerning is that it's just another way to make spending money easier and harder to self restrain.

This is another good point. Find it's much easier to overspend when using card instead of cash, and that's even more pronounced with contactless.

 

[Pale Rider]

Cardholder payment networks are going the way of the cheque - visa and MasterCard are farked, but it'll take fifty years for them to finish dying.

I will be proper dead by then, so that's one less thing to worry about.

 

[Andrew_P]

It is, but with Visa and MasterCard looking to reintroduce the charge for payment by card, to the cardholder, how long will they stay at their current usage?

They have already changed debit cards to a % as opposed to a flat rate to retailers to take the payment. Partly good for lower value transactions hence retailers a bit more relaxed taking cards for small value. Although I still come across corner shops that want to slap 50p on the transaction if not cash.

 

[classic33]

I will be proper dead by then, so that's one less thing to worry about.

You never know, they say we're living longer these days.

 

[PaulSB]

I’m interested some posters are happy to use Android or Apple Pay. These would be the last two possibilities I would trust. I don’t know how these work but I can’t imagine Apple being remotely interested if my iPhone was stolen.

The downside to phone payment is losing the one device loses the ability to pay in this format. As most cards are contactless losing one is not a major issue.

Overall I feel very secure using contactless. Santander provide me with a direct number to a human being for all banking needs, those people are always helpful. I have text alerts on my phone to let me know whenever a transaction of £100 or more is made by any of my wife or my cards or on the accounts via direct debit etc. - this is instant usually before leaving the shop. The text alert can be used for any value so could be used as a security alert for say £25+ As it’s bill paying time I received 8 texts yesterday telling me of payments in and out of our accounts.

Contactless works really well for me and while appreciating all types of fraud are a big issue feel my own personal banking is very, very secure.

 

[Tin Pot]

They have already changed debit cards to a % as opposed to a flat rate to retailers to take the payment. Partly good for lower value transactions hence retailers a bit more relaxed taking cards for small value. Although I still come across corner shops that want to slap 50p on the transaction if not cash.

Duckem then. Can't stand those 50p extra merchants.

 

[Tin Pot]

I’m interested some posters are happy to use Android or Apple Pay. These would be the last two possibilities I would trust. I don’t know how these work but I can’t imagine Apple being remotely interested if my iPhone was stolen.

The downside to phone payment is losing the one device loses the ability to pay in this format. As most cards are contactless losing one is not a major issue.

Overall I feel very secure using contactless. Santander provide me with a direct number to a human being for all banking needs, those people are always helpful. I have text alerts on my phone to let me know whenever a transaction of £100 or more is made by any of my wife or my cards or on the accounts via direct debit etc. - this is instant usually before leaving the shop. The text alert can be used for any value so could be used as a security alert for say £25+ As it’s bill paying time I received 8 texts yesterday telling me of payments in and out of our accounts.

Contactless works really well for me and while appreciating all types of fraud are a big issue feel my own personal banking is very, very secure.

Applepay is just another way to use you credit card. It's the credit card that cares.

If you card is stolen, contactless payments can happen, and your PIN of 1234 or the last four numbers on your card means money will leave the account.

iPhone adds thumbprint security to contact less so (and don't get me started on biometrics) is reasonably harder to start transacting with.

 

[nickyboy]

Cardholder payment networks are going the way of the cheque - visa and MasterCard are farked, but it'll take fifty years for them to finish dying.

You can avoid transaction fees through faster payments based systems, or possibly even Applepay. Apple batch up all transactions at the end of the day so they only pay for one transaction fee.

Exactly, if you work in the fintech space (and one of my clients does) you can see that the days of a retailer being charged 1.8% or whatever to receive an electronic payment are coming to an end. There will be a race to the bottom with everyone offering lower and lower transaction costs. For the payment processors the money will be made in reverse marketing to the consumers, not in the commission on payments

I similarly hate the 50p merchants, I've got one today at a train station car park. £7 plus 50p if you pay by card (of course I never have £7 cash). Sooner these go the better, their cost of processing a card payment is a few pence

 

[Electric_Andy]

Some talk of Link 'rationalising' their free network of cash machines.

Could be a double whammy for those in remote areas, no easy access to a free cash machine and more retailers charging to use cards.

I thought I saw something on the news that next year card transaction fees will be scrapped? Still, you are right in that that depends on smaller shops having a card machine. As far as I know, Samsung pay (available in the UK next year maybe, and with an S6 or newer phone) will be able to replicate a standard card so you can use your phone to pay even if they shop has an old-fashioned chip and PIN

 

[Beebo]

I similarly hate the 50p merchants, I've got one today at a train station car park. £7 plus 50p if you pay by card (of course I never have £7 cash). Sooner these go the better, their cost of processing a card payment is a few pence

The carparks near me have done exactly the opposite, it is cheaper to pay by card.
They dont want the hassle of having to empty and service the machines.

 

[MacB]

6 pages and only one reference to Skynet, cash or chip and pin here, don't notice any inconvenience and can't remember the last time I lost some cash.

They are awfully keen to push it though, all this, lost your card, don't worry any losses are our fault and we'll refund, etc, etc. Does this really sound like the caring sharing financial sector we've grown to love?

 

[Paulus]

You can get a little wallet to put them in to stop this.Apparently,my other half has one.I'm strictly cash only.Only ever use a card when I have to.Search contactless card wallet on fleabay,think there a quid or so.

Something like this. There are many more variations available.