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It's just the same risk as contactless cards though isn't it. You lose your phone or wallet someone can go on a sub-£100 (assuming the shops have updated their machines) spending spree until you or the bank stop them.
Phone unlock to do transactions up to your normal account limit is then similar to putting your PIN in for card transactions.
Lw.-
until you or the bank stop them.
You have to enter your PIN every fifth consecutive contactless transaction. It's a measure to minimise losses when cards are stolen.
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I was thinking more in terms of phones being without limit on contactless. Also you wave your phone around a lot more in the street than your bankcard.
Stonehedge
aggi
I'm surprised this is a feature, seems a bit risky. I've never found unlocking my phone to pay an issue with a fingerprint sensor.