Contactless card cap of £100 proposed by UK regulator

Britons could use contactless cards for purchases up to £100, under a Financial Conduct Authority proposal to make shopping easier during the pandemic.

The move on Wednesday would more than double the current £45 limit on contactless payments without a PIN code, which was increased from £30 in April as people minimized physical contact during the outbreak.

“It’s important that payments regulation keeps pace with consumer and merchant expectations,” the FCA said in a statement. It added that detailed plans will be published “shortly.”

The proposal is “recognising changing behaviour in how people pay,” the authority said, after contactless card usage soared with the arrival of the coronavirus.

Almost nine out of 10 card payments in the U.K. last year were made through contactless technology, according to Barclaycard data published last week.

The FCA also on Wednesday confirmed its proposed guidelines to extend a moratorium on mortgage repossessions until April, while allowing the repossession of goods from the end of January.



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