The Financial Conduct Authority (FCA) is consulting on the potential removal or increase of the £100 contactless payment limit, aiming to provide shoppers with more flexibility and to foster growth. This initiative, highlighted in a letter to Prime Minister Sir Keir Starmer, focuses on enhancing trust and efficiency in the UK payment system. Current stats show 85% of UK consumers use contactless payments monthly. The FCA insists that any changes align with consumer protection regulations, while experts stress balancing convenience with fraud prevention in transactions.
The FCA's recent consultation explores increasing or removing the £100 contactless card limit, aiming to enhance consumer flexibility while ensuring good outcomes under Consumer Duty rules.
Emma Reynolds highlighted that the FCA's review of contactless payment limits is essential for families to safely enjoy greater flexibility in their purchasing habits.
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