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>There is a transaction / amount limit for contactless transactions.

It doesn't seem to be universal though. I paid for multiple hotels in Europe (so hundreds of pounds/Euros) with contactless payments and--although I actually made a point of making sure my card had a PIN after a problem on my previous trip--I never needed it.

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Most (if not, all) banks will send the transaction to a risk management solution such as LexisNexis including a bunch of metadata. It then assigns a risk score and your bank will factor that in with their risk appetite when deciding whether to ask for your PIN.

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