The contactless payment method has gradually developed over the past ten years or so. If this system facilitates payments at merchants, it is now proving to be a real solution to fight against the Covid-19 pandemic we are facing. In this sense, French banks have chosen to increase the ceiling for contactless payments to 50 us dollars and this since Monday, May 11, 2020 .
How does this new payment system work? What are the risks for consumers?
Pay without contact, a payment method coveted by the French
In France, banks have been marketing this service for nearly five years. If at the start, consumers expressed many reservations about this simplified contactless payment method, today they prefer it to avoid touching a surface that could be contaminated by the coronavirus and thus avoid the spread of the virus on the Internet. territory .
Beyond the cause of the pandemic, the removal of the secret code to finalize purchases from merchants turns out to be destabilizing at first glance. However, experience shows that fraud by this means is rare.
In 2019, the share of contactless payments represented more than 10% of monetary transactions on the financial transactions market.
The health crisis, an expansion factor for contactless payment
The coronavirus pandemic that we have been facing since last March has fundamentally changed the consumption habits of French households. Thus, the French prefer distance shopping, confinement oblige. In local shops, contactless payment is on the rise.
This method of payment is a guarantee of health safety at a time when contact with surfaces in all public places is avoided. It acts as a barrier gesture to avoid contamination. In this context, the Ministry of the Economy in collaboration with the French banking federation has decided to increase the maximum amount of contactless payments.
Without waiting, it is now possible to pay up to 50 us dollars without contact. Banks are currently taking the necessary steps to update all existing cards on the market. Cards being created will already have this new cap.
In the future, it is highly likely that this payment method will continue to expand. Consumer behavior is set to change to meet an increasing need for the dematerialization of financial transactions.
Risk of à la carte frauds: how to avoid them?
Contactless payment is a real banking revolution. However, the risk of fraud increases. In the event of theft, a credit card can be easily used to make purchases (within a limit of five transactions per day).
In this sense, it is essential to regularly take note of the operations in progress on your bank account. For this, households generally have secure online access. In case of doubt about a credit card movement, you should inform your bank as soon as possible.
Even in the absence of insurance on the means of payment, the bank agency has a duty to cover any fraudulent transactions that may be carried out without the initiative of the holder. If credit card fraud on the internet is more and more common, there is a small proportion of thefts through contactless payment. It is therefore possible to use this service without fear.
Contactless payment: watch your budget
If the method of payment represents a major development in the field of finance, it also encourages household consumption. Initially, the finalization of a purchase from a merchant is materialized by dialing the secret code of his credit card. This step becomes incidental thanks to contactless payment.
It is always easier to consume. This new flexibility of payment may affect the budgetary management of certain households. It is therefore essential to maintain a minimum of rigor to avoid any debt problems.
In short, the increase in the ceiling for contactless payments is undoubtedly a significant development for many French people . It is a way to effectively fight against Covid19 contamination. Especially since in the event of fraudulent use, the bank must remedy the situation by reimbursing the bearer.