You could soon be tapping to pay for things even more than £100, under proposals set out by the Financial Conduct Authority.
We can’t promise you’ll have that much in your bank account if you do so, but the tech to pay contactless will be there.
The regulator said it wants to give card providers the flexibility to decide the right limit for them and their customers, and it could become unlimited.
It would bring physical cards in line with digital wallets like Apple Pay and Google Pay, which don’t have a limit.
The physical contactless card limit has been raised in steps over the years, currently standing at £100.
The proposals are out for consultation until October 15 2025.
David Geale, executive director of payments and digital finance at the FCA, said: ‘We‘re seeing smarter payment technology and more well-established fraud controls, so it’s the right time to let firms tailor contactless payments to fit their customers’ needs and drive innovation.
‘While we wouldn’t expect to see immediate changes to limits by firms, they would have the flexibility to make payments more convenient for customers.
‘People are still protected; even with contactless, firms will refund your money if your card is used fraudulently.’
More to follow.
Get in touch with our news team by emailing us at webnews@metro.co.uk.
For more stories like this, check our news page.
