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Retail

Britain To Increase Contactless Payment Limit To £100 In October

Banks will start rolling out the new £100 ($137) spending limit for contactless payments from 15 October, Britain's banking industry body UK Finance said on Friday.

Contactless payments surged during the pandemic, with some shops refusing to take cash to help prevent the spread of COVID-19.

'Given the number of terminals which will need to be updated to accept the new limit, it will take some time to be introduced across all retailers,' UK Finance said in a statement.

Contactless Payments

Contactless payments accounted for 49% of all credit card and 65% of all debit card transactions in May, UK Finance said.

Transactions in May were double the same month in 2020.

The limit on payments had already been increased to £45 from £30 in April 2020, a month after the first national lockdown in Britain was introduced.

The decision to raise the limit was made by the finance ministry and the Financial Conduct Authority.

"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," finance minister Rishi Sunak said.

The threshold for multiple contactless transactions before a customer is required to enter their PIN number will also rise from £130 to £300.

News by Reuters, edited by ESM. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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