Contactless payment limit to rise

With contactless payments accounting for 37 per cent of all credit card and 59 per cent of all debit card transactions it is perhaps, no wonder, that the Chancellor has announced an increase in the UK’s contactless payments limit.

In his speech the Chancellor announced that the single contactless transaction payment threshold limit will rise to £100:

Source: HM Treasury

Following today’s budget speech the FCA said:

The Financial Conduct Authority (FCA) has confirmed changes to its rules to allow for an increase in the single transaction contactless payment threshold from £45 to £100. The contactless threshold for multiple transactions will also increase from £130 to £300

The Financial Conduct Authority

Today’s announcement is the fifth limit increase since contactless payments to the value of £10 were introduced in 2007:

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