Contactless payment with your bank card: should you really be wary of it?

Easier and faster contactless payments have now become part of the habits of many French people. According to the Payment Means Security Observatory (OSMP) more than 60% of in-store purchases are thus achieved thanks to contactless. However, some remain resistant to this method of payment. But are their fears justified?, he asks Western FranceSaturday, November 18.

According to data collected by MoneyVox from several banking facilities, 5-6% of credit card holders would reject contactless payments. These customers are especially worried about this in case of loss or theft of their bank card, their money will be stolen by a malicious person. In fact, it couldn’t be simpler, because the card’s secret code is no longer necessary, just attach it to the payment terminal and pay for the purchase.


Contactless payment: how to pay by phone or card?

Very few cases of fraud

However, in 2022 OSMP recorded a contactless fraud rate 0.016%. Which means that for every €100,000 paid contactless, €16 is stolen. A figure showing a slight increase, but which remains well below the rate of fraud with other means of payment, i.e “proximity contactless payment consolidates its position as the preferred method of payment in proximity”.

By comparison, bank card withdrawals are subject to fraud at 32 euros per 100,000 euros. This amount is 44 euros for instant transfer, 61 euros for mobile payment, 73 euros for checks and 165 euros for online payments.

According to the OSMP, contactless payment is one of the safest payment methods. But what if your bank card is stolen or lost? “Regulations require this from your bank immediately refund any disputed payments», UFC-Que Choisir explains. In fact, the banking institution has a responsibility associated with the absence of a secret code entry, so it is up to them to return the stolen amounts without the need to do so or to file a complaint.

In addition, the account cannot be emptied contactless, as the maximum amount of EUR 150 can be paid with this technology and a second limit of five transactions is added.

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