Lloyds Banking Group PLC (LSE:LLOY) will allow its customers to set their own contactless card limits when the transaction limit is raised to £100 from £45 on 15 October, according to media reports.
Customers of Lloyds Bank, Halifax and Bank of Scotland will be able set a limit between £30 and £95 on their mobile banking app. The limit can be set in increments of £5.
They can also turn the contactless function off completely.
There have been concerns that the higher limit will leave users more exposed to fraud.
Philip Robinson, personal current accounts, payments and fraud and financial crime director at Lloyds Banking Group, said: “We’ve listened to customer feedback to introduce this option which will allow them to make the most of the £100 limit in a way that works for them.”
NatWest customers will be able to switch off contactless, the Telegraph reported, while Barclays customers can set general spending limits, but not contactless limits.