The FCA is considering removing the £100 contactless limit, giving shoppers more flexibility at the checkout. Exciting times ahead!
London: The Financial Conduct Authority (FCA) is looking to shake things up with contactless payments. They might just remove the £100 limit, which could change how we pay at stores. Imagine not having to worry about that cap when you’re at the checkout!
This limit has been raised a few times over the years, starting from £20 back in 2012, then £30 in 2015, and finally hitting £100 in October 2021. Now, the FCA is exploring options to give shoppers more freedom. If you make a lot of small purchases, you usually don’t hit a limit, but you might need to enter your PIN after a certain number of transactions.
The FCA’s review comes after the government asked how they could help boost economic growth. They’re also considering easing mortgage rules to help first-time buyers. This could mean allowing larger loans, which is great news for those struggling to get on the property ladder.
Experts are optimistic about these changes. They believe it could really help people, especially those on lower incomes. However, there are concerns about balancing these changes with consumer safety. It’s a tricky situation, but it’s clear that the regulators are thinking about how to make things better for everyone.
