FCA confirms the increase in thresholds for contactless payments
The FCA has confirmed changes to its rules to allow for an increase in the single transaction contactless payment threshold from £45 to £100. The contactless threshold for multiple transactions will also increase from £130 to £300.
These changes will allow the industry to increase the limit for contactless payments at the point of sale to securely improve convenience for consumers and merchants.
While adoption of contactless payments increases, cash remains an important payment method for many, including vulnerable consumers and small businesses. It is part of the FCA’s Business Payments priority to make sure consumers can access the cash they need. The FCA does not believe this change will impact consumers’ ability to access cash.