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Posted: Wed 13th Oct 2021
Updated: Wed 13th Oct
From Friday the contactless spend limit will be increased to £100 from £45 across the UK, the highest contactless spend limit in Europe
The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority following a public consultation and in discussion with both the retail and banking sectors.
It follows on from the successful increase in the limit from £30 to £45 in April 2020.
Nick Fryer, Chief Technology Officer at card machine provider, Dojo, explains what this means for customers safety.
Nick said: “Contactless payments now account for 27% of all payments, this is partly due to the COVID-19 pandemic as consumers no longer want to handle cash and touch payment terminals.”
“Due to the increased safety, convenience and protection, six out of ten debit card payments are now contactless, opposed to just four out of ten in 2019.”
“Consumers are also used to higher contactless limits due to the popularity of Apple and Google Pay systems, which offer less transaction restrictions on mobile devices.”
“Increasing the contactless card limit to £100 is a positive move…