⚡️UK 🇬🇧: Regulator considers scrapping the £100 contactless payment limit

⚡️UK 🇬🇧: Regulator considers scrapping the £100 contactless payment limit

The Financial Conduct Authority (FCA) is considering adopting the US🇺🇸 model, which does not impose a fixed cap on contactless payments.

➡️ The proposal doesn't aim to eliminate transfer limits entirely, but rather to allow banks to set their own thresholdsbased on commercial criteria, without a regulator-imposed ceiling.

➡️ This change could improve user experience, removing the need to enter a PIN for higher-value purchases.

➡️ Additional consideration: it could also increase the risk of fraud in cases of card theft, if the stolen card is used before being blocked.

➡️ Key stat: According to UK Finance, in October 2024, 65% of credit card and 77% of debit card transactions were contactless — totaling 1.6 billion operations that month.

#news #Europe #USA

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