On Wed, 29 Apr 2015 20:33:09 +1000, Simon Brown wrote:

The limit should be 1/4 of what you're prepared to have stolen if
you
lose the card - the cards can be used 4 times without on-line
verification, so if you lose it and don't report it immediately,
the
finder can steal 4 x the limit.

Ah maybe that's what I half remember on a "daily limit", how ever the
only reference to that sort of thing is "from time to time" or
"occasionally". I guess they don't want the tea leaves to know that
the nth transaction will be checked so they stop at n-1.

No, because most will notice the card has been lost or stolen.

Eventually it doesn't take lomg to visit four shops and buy £20 of
goods in each.

I rarely have £50 in cash in my pocket,

Irrelevant to what others have.

so a limit around a tenner is probably right.

Nothing like it in fact.

According to you. I normally have only a tenner or fiver in my wallet
and perhaps another fiver in coins. Cash is a PITA you have to keep
going to get it and no sooner than you have you've spent it and have
to get some more. Always assuming there is any in your bank account
without shuffling it from somewhere else first.

We ought to be able to set the transaction limit ourselves and how
many contactless transactions can take place in a day. For me I'd set
it to £10 and 2, after all it's only a convience to avoid entering
the PIN. If I want to use the card more than twice I can simply enter
the PIN.

Problem is, there is market pressure to increase it, from people
who aren't aware of the implications of an increased limit.

From people who understand that few cards get lost or stolen without
that being noticed.

Eventually. I "lost track" of my wallet the other week. Must have
been a good six hours before I notice it wasn't where it should have
been. And only then because I was going out again, if hadn't gone out
it would have been next day, another 12+ hours on top of the 6, at
the earliest.

--
Cheers
Dave.