The new £100 contactless limit rolls out on October 15
From Friday, Britons will be able to spend up to £100 using a contactless card without having to input their Pin.
The national roll-out of the new £100 spending limit for contactless card payments begins from 15 October, with government, banks and retailers claiming it will help boost the economy.
The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority (FCA) following a public consultation and in discussion with the retail and banking sectors.
The increase accelerated in 2020 when contactless payments grew by 12 per cent, spurred on by a 50 per cent limit increase from £30 to £45 from 1 April 2020. The latest increase adds an extra £55 to the current spend cap.
The FCA had said it was doing this to “recognise changing behaviour in how people pay”.
“Increasing the contactless limit will make it easier than ever to pay safely and securely – whether that’s at the local shops, or your favourite pub and restaurant,” said UK chancellor Rishi Sunak.
“As people get back to the high street, millions of payments will be made be simpler, providing a welcome boost for retailers and shoppers.”
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