UK Banks Gain Contactless Payment Limits Control
Glasgow News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
UKs Financial Conduct Authority introduces new rules, allowing banks to set their own contactless payment limits, currently capped at £100. Big banks like Barclays, HSBC, and Nationwide maintain the limit, offering customers the option to lower or turn off contactless. Contactless payments account for 95% of in-store card transactions, with most taps under £20. Banks plan to adapt to changing habits and tech, potentially increasing limits or removing them as fraud tools improve. Protections against unauthorized charges remain unchanged, and any changes must be clearly communicated to customers.
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