How so?
It’s definitely a large amount of money for a lot of people, but the system clarity still seems the better tradeoff to me. I do think individual card users should have the ability to set their own pinless transaction limit for which they feel comfortable.
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(It also can’t be a stack of €50 charges — a pin is required after 5 transactions without one or when you cross total spend of €50 without one. So maximum loss is €50, which is still a lot for many)
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Very cool. I just checked and one of my European banks does allow for setting my own contactless limit between €0 and €150, whereas the other one does not.
End of conversation
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I think this is an issue best (or first) addressed with policy than with product or technology. Defaults are powerful.
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Defaults rule for sure. Policy is about tradeoffs though. More consumer protection for pinless transactions means somewhere other consumer costs have to go up (likely transaction fees, which also hurt people with low income)
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