Contactless

People could benefit from the convenience of contactless payment when making larger payments, under proposals being consulted on by the Financial Conduct Authority (FCA).    The regulator wants to give card providers the flexibility to decide the right limit for them and their customers. &

The Financial Conduct Authority (FCA) is exploring potential changes to contactless payment limits in the UK, aiming to benefit consumers, merchants, and economic growth. Families and businesses across the country could benefit from greater choice, flexibility and smoother purchases, under proposals

The total value of all contactless payments jumped 49.7% in 2022, as consumers embraced the £100 transaction limit and returned to high street shopping following the easing of all coronavirus restrictions, new data from Barclays has revealed.

According to new data from Lloyds Bank, 9 out of 10 in-person transactions are now made with contactless, a rise from 65% to 87%. In April 2020 – during the pandemic – the contactless limit was increased from £30 to £45, rising to £100 in October 2021. These higher limi