Rise in contactless card payment limit
From 1 April the spending limit for contactless card payments rose from £30 to £45.
The decision to increase the payment limit was reached following consultation between the retail sector and the finance and payments industry, and echoes similar increases in other European countries.
UK Finance stated that the change had been under consideration before the outbreak of COVID-19, but has been brought forward in order to support consumers during the pandemic.
Commenting on the increase, Stephen Jones, CEO of UK Finance, said:
‘The payments industry has been working closely with retailers to be able to increase the contactless payment limit to help customers with their shopping at this critical time for the country.
‘This will give more people the choice to opt for the speed and convenience of purchasing goods using their contactless card, helping to cut queues at the checkout.’
UK Finance said that, given the pace at which the change is being rolled out, the new payment limit will take ‘some time’ to be introduced across all retailers.
Consumers spending more than £45 will be able to make use of many other ways to pay, including Chip and PIN, cash and mobile payments.
Internet link: UK Finance press release
- Published in Accounts