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UK Regulator Proposes Scrapping £100 Cap on Contactless Card Payments

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The Financial Conduct Authority (FCA) has proposed removing the current £100 limit on contactless card transactions in Britain, allowing banks and card providers to set their own thresholds.

Key Points

  • Current cap: £100 ($135.35).

  • Proposal: Card providers gain flexibility to set limits based on customer needs.

  • Rationale: Supports economic growth and prioritises digital solutions, part of 50 FCA measures announced earlier this year.

Customer Protection

  • Cardholders can already adjust their own limits or disable contactless.

  • Fraud protections remain in place: providers must refund money if cards are used fraudulently.

FCA Statement

David Geale, FCA’s Executive Director of Payments and Digital Finance, said:

“While we wouldn’t expect to see immediate changes to limits by firms, they would have the flexibility to make payments more convenient for customers.”

Timeline

  • Consultation period: Open until October 15.

  • Potential rollout depends on industry feedback and FCA’s final decision.