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New plans could see £100 contactless payment limit scrapped
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manchestereveningnews.co.ukGovernment plans could raise the limit of how much you can spend using a contactless payment method. At present the limit for a contactless payment is £100, but new plans could see that increased.
Prime Minister Keir Starmer, Chancellor Rachel Reeves, and business secretary Jonathan Reynolds have submitted a request to the Financial Conduct Authority (FCA) to raise the limit.
This was sent in a letter on Christmas Eve, and the raising of the limit was one of the options to stimulate economic growth.
The limit was raised up to its current £100 cap in 2021, which was the fifth time it was raised since the initial limit was set at £10 in 2007.
Read more on manchestereveningnews.co.uk
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