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Contactless payment limit could rise to £100

The limit on single contactless payments could rise to £100, the Financial Conduct Authority (FCA) has announced.

The limit was £35 until April last year when it increased to £45 as consumers were discouraged from using cash due to coronavirus fears.

But as consumers spend larger amounts using cards or on contactless devices like smartphones and watches, there is mounting pressure to increase that figure further.

The FCA said it is now consulting on raising the limit again, adding: "Since the limit for contactless card payments was raised to £45 last April at the start of the pandemic, people are increasingly making use of contactless payments. It’s important that payments regulation keeps pace with consumer and merchant expectations. 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."

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