"New regulations taking effect from Thursday will allow banks and payment providers with robust fraud controls to set their own contactless card payment limits. While major British banks will retain the current 100 limit for now, this change offers them significant future flexibility."
"The Financial Conduct Authority (FCA) confirmed these rule changes, effective from 19 March, to allow firms to better respond to changing consumer demands, inflation, and new technology. The contactless limit has been raised several times previously."
"Existing protections will remain in place, meaning consumers must be reimbursed in unauthorised fraud cases, such as if their card is lost or stolen."
New regulations taking effect March 19 grant banks and payment providers the flexibility to establish their own contactless card payment limits, provided they maintain robust fraud controls. Major British banks currently plan to retain the existing £100 limit, but the change offers them significant future flexibility to adjust limits based on consumer demand, inflation, and technological advances. The Financial Conduct Authority confirmed these rule changes to enable firms to better respond to evolving market conditions. While many providers already allow customers to set lower limits individually, firms must now decide whether to utilize this new flexibility. Those implementing changes must communicate clearly with customers. Existing consumer protections remain intact, ensuring reimbursement for unauthorized fraud cases involving lost or stolen cards.
Read at www.independent.co.uk
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