UK Banks Maintain £100 Contactless Payment Limit Post-FCA Scrapping
Despite the FCA lifting the £100 contactless payment cap, UK banks keep the limit in place citing lack of consumer demand for changes. This article explores the reasons behind this decision.
Despite the Financial Conduct Authority (FCA) scrapping the £100 limit on individual contactless transactions, the UK's biggest high street and challenger banks have opted to keep the ceiling in place for now. This decision by the banking lobby group comes as there is reportedly no widespread consumer demand for changes to the current contactless payment limit.
Maintaining the Status Quo
Shoppers in the UK will not be able to make unlimited contactless payments, as the banking industry has chosen to hold off on implementing changes following the FCA's decision to remove the £100 cap. According to industry sources, lenders are taking a cautious approach, preferring to maintain the existing £100 limit until there is clearer evidence of consumer demand for higher or unlimited contactless transactions.
Source: The Guardian
