Rise in contactless spending limit ‘a thief’s dream’
More flexibility for consumers
Consumers will be able to spend up to £100 on contactless cards from 15 October amid warnings that it will be a “thief’s dream” and encourage consumers to add to their debt.
The Treasury and Financial Conduct Authority announced the limit would be raised from £45 following a public consultation and discussions with both the retail and banking sectors.
The limit was raised in April last year from £30 to £45 as concerns grew over spreading Covid-19 by touching devices.
David Postings, chief executive of UK Finance, said: “Contactless payment has proved very popular with consumers and an increasing number of transactions are being made using contactless technology.
“The increase in the limit to £100 will allow people to pay for higher value transactions like their weekly shop or filling up their car with fuel.”