⚡️United Kingdom 🇬🇧: FCA considers removing the £100 contactless payment limit

⚡️United Kingdom 🇬🇧: FCA considers removing the £100 contactless payment limit

The Financial Conduct Authority (FCA), the UK’s independent financial regulator, is exploring the possibility of easing restrictions with a proposal that includes 50 new measures aimed at enhancing consumer protection.

💡 One of the key proposals is to allow companies that employ advanced fraud prevention technologies to set their own transaction limits, similar to practices in the U.S. 🇺🇸

💡 However, the current legislation will remain in effect, requiring companies to refund consumers in cases of fraud, such as in situations of card loss or theft.

💡 Why now❓— Amid a shake-up in UK government structures, this move could be seen as an attempt to mitigate budget cuts and boost economic activity.

💡 Context: Currently, 85% of Britons make contactless payments monthly with their cards.

#news #Europe #p2p

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