So if I've read this Finextra item correctly - you just wave the thing over a reader with no questions asked. Is this a mugger's dream? How many low value transactions could someone run up before the thing could be cancelled? Or do you just make sure you only pre-load a small amount in case it's nicked. In that case how do you know you have enough left on it to make sure you're not humiliated when you try to pay.

Or am I missing something here...