The rollout of limitless mobile transactions means that people will be widely able to tap and pay for high-value items, such as laptops and cameras – and even a new car.
Payments linked to mobile phones, through services such as Apple Pay, have an extra layer of security and aren’t subject to the contactless limits currently imposed on cards.
But at the moment only a select number of retailers have the means to process ‘wave and pay’ transactions higher than £30.
However, over the next two years MasterCard is updating all its contactless merchant terminals to facilitate more valuable transactions.
Chris Kangas, head of contactless payments Europe at MasterCard, said: “The list of retailers accepting contactless never stops growing.
“Over the last quarter, we have announced new acceptance deals across Europe with major retailers like Ikea and McDonald’s.
“The drive to full contactless acceptance is taking hold.”
Full article: Death knell for cash: Limitless tap and pay mobile payments to be widely available by 2017 (Express)