Rishi Sunak is considering raising the limit on contactless payments from £45 to £100, it has been reported. Banks have been pushing the Chancellor to lift the cap on transactions for months, now that the UK is no longer held to the EU limit of 50 Euro per transaction.
Industry body UK Finance pitched the idea to the Treasury last month. The Financial Conduct Authority launched a consultation into the move two weeks ago, after data showed contactless technology accounted for 41% of all transactions.
And today the Times reported Treasury sources saying: “Both Boris and Rishi are keen on the idea - as long as customers are sufficiently protected from fraud.” Mr Sunak has reportedly been meeting with Boris Johnson over dinner to discuss ways
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