Contactless limit could rise to £100

Contactless payment limit could double

The limit on a single payment using contactless technology could rise to £100 – more than double the current limit.

The coronavirus pandemic has led to larger amounts spent via contactless payments, either using cards or devices such as smartphones.

It has been less than a year since the limit was raised from £30 to £45.

The Financial Conduct Authority (FCA) said it will consult “shortly” on a change in the rules.

“It is important that payments regulation keeps pace with consumer and merchant expectations,” the regulator said.

“Recognising changing behaviour in how people pay, as part of a wider consultation, we will shortly be seeking views on amending our rules to allow for a possible increase in the contactless limit to £100.”

The use of contactless technology by consumers has risen sharply in recent years, with more services adopting the technology and most shops offering it as an option.

To protect workers and consumers during the Covid outbreak, an increase to the current limit of £45 was rushed through by the regulator in April last year.

The latest figures show that the number of contactless payments had fallen compared with pre-pandemic levels, because lockdown measures hit the use of pubs, restaurant, and public transport.

However, there was a 16% increase in the total value of contactless payments in the UK in October, compared with the same month a year ago, the latest data from UK Finance – which represents banks – shows.

News Source: BBC News

Written by Nicky Wicky

What do you think?

12654 points
Upvote Downvote

Leave a Reply

People in inflatable bubbles at a concert

Flaming Lips stage unique ‘space bubble’ concert in Oklahoma

images of only fools and horses cast on stamps

Del Boy’s in another sticky situation!