The FCA financial regulator in the UK has confirmed rules around contactless payments are to change with the cap of £100 able to be increased…. or even unlimited!
From March 2026, Banks and Card Providers will be able to set a maximum single payment amount for customers to tap, without needing to enter a 4 digit PIN. The new rules also include allowing businesses to set these limits for themselves and in some cases may even have no maximum cap at all.
Since contactless was first introduced in 2007 with £10 limits, the cap has grown steadily jumping to £30, £45 and then to its current £100 during the pandemic.
The move will undoubtably see more people store their cards digitally on their phones, which instead of the security risk of losing your physical card, devices offer further protection such as biometrics including thumbprints and face ID.
Have your say. Do YOU still take a physical card out with you shopping? Or only use your card in a digital wallet on devices? What about the raised cap? A good idea? Or are you a cash kind of person? We’d love to hear your thoughts!
