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A potential change in contactless payment regulations could see the current £100 cap lifted, allowing for potentially unlimited transactions. The Financial Conduct Authority (FCA) has proposed giving banks and other providers the ability to set their own limits, which could mean the end of needing a four-digit PIN for card transactions.
Since the introduction of contactless card payments in 2007, the transaction limit has seen gradual increases, from £10 initially to £100 in October 2021. If the new proposal is approved, the change could come into effect in early 2022. These adjustments aim to align card payments with digital wallet transactions on smartphones, which currently have no restrictions.
Although many consumers and industry respondents have expressed a preference for retaining the current limits, the FCA believes that allowing providers to adjust limits over time would offer flexibility as prices increase and technology advances. Providers may also offer customers the option to set their own transaction limits.
Raising the contactless payment limits could potentially lead to increased concerns about fraud and theft. While various protections are already in place, such as requiring a PIN for high-value transactions or after a series of consecutive contactless payments, the FCA believes that advancements in fraud detection will continue to improve consumer security. The potential removal of the £100 cap would likely require adjustments to payment terminals to accommodate higher-value transactions
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