UK contactless payment limit is going to rise

 

There are some reports going on that the UK contactless payment limit will rise to £100. While this was announced by Rishi Sunak in the budget, it may not be rolled out until later this year.

Last year, the limit on tap-and-go card spending increased to £45. This move followed several actions by retailers to reduce physical contact in stores in a bid to fight the spread of the pandemic. In January this year, plans were announced to more than double this number. This change was confirmed in the budget. According to the Chancellor, this will be a boost for shops. He said, “As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth”. While, legally, this change is already in force, retailers and financial firms are going to have to update their systems. So, it will take some time before shoppers can benefit from this.

Nonetheless, there are some concerns about this move. Some are advancing that millions of consumers who rely on cash are being left behind. Moreover, banks and payment providers are urging everyone to be careful since there will be more opportunities for fraud under the increased limit.

The limit will be £100 Royalty-free image