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£100 contactless card limit to be lifted from March
- From March 19, the Financial Conduct Authority will allow banks and card providers to set maximum or unlimited single contactless payments without a four-digit PIN, though the FCA said it does not expect immediate changes.
- The FCA framed the move as aligning UK practice with countries such as Canada, Australia and New Zealand, while Barclays consumer spending data show contactless payments surged to 94.6% in 2024.
- Existing safeguards include a PIN prompt after consecutive taps, a £300 cumulative cap or five consecutive contactless transactions, and firms are encouraged to offer customer-facing controls.
- Consumer opposition is strong — the FCA survey found 78% of consumers opposed changing limits, while critics and financial-abuse charities warned of fraud and abuse risks.
- Smartphone payment limits already differ because biometrics remove the PIN requirement, and the FCA's 50-measure review sent to Prime Minister Sir Keir Starmer aims to boost growth while encouraging firms to strengthen fraud prevention.
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57 Articles
Evening Standard+43 Reposted by 43 other sources
Firms could set own contactless card limits under changes planned by regulator
The Financial Conduct Authority’s rule changes will take effect from March 19.
·London, United Kingdom
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Total News Sources57
Leaning Left4Leaning Right2Center41Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
C 87%
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