CONTACTLESS LIMIT MAY TO RISE TO £100

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 FCA can set the boundaries for payments, under its rules, but the card issuers would have the power to set the actual limits.