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Contactless payment limit could be scrapped by next year
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleThe proposed changes could be implemented early next year (Alamy/PA)The Financial Conduct Authority (FCA) has proposed scrapping the current £100 cap on contactless card payments in the UK. This move aims to grant banks and card providers the flexibility to set their own transaction limits, allowing them to better meet customer needs and encourage innovation. Despite potential concerns regarding fraud, the FCA has reiterated that banks are obligated to reimburse customers for any unauthorised fraudulent transactions if a card is lost or stolen. The proposed changes, which could be implemented early next year, are currently open for public consultation until mid-October. This initiative is part of a wider set of measures from the FCA designed to support economic growth and align contactless card payments with digital wallets, which currently have no transaction limit. In fullContactless card payments could become unlimited under plan to scrap £100 capThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
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independent.co.uk
Business news live: Contactless payments cap could be scrapped, no interest rates cut
Stock market news and latest business and finance updates from Wednesday
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dailymail.co.uk
Contactless card payments to become unlimited with £100 cap scrapped
Plans from the Financial Conduct Authority (FCA) could mean entering a PIN becomes increasingly rare, with shoppers able to buy higher-value items simply by tapping their card.
