The £100 cap on making contactless card payments without inputting a four-digit PIN is set to be axed - despite four-fifths of users being against the move.
Plans from the Financial Conduct Authority (FCA) could mean entering a PIN becomes increasingly rare or even extinct, with shoppers able to buy higher-value items simply by tapping their card.
The move would mirror the way digital wallets on phones already allow for expensive purchases without restrictions.
Ever since contactless technology was introduced in 2007 and the cap raised gradually to £100 in October 2021, the moves were met with concerns about theft and fraud.
But the FCA said card providers would only allow for higher-value payments to be made for low-risk transactions and that banks, not consumers, would bear the cost if anything went wrong.
