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Contactless Payment set to increase from £45 to £100
From the 15th of October the UK will see the contactless payment limit more than double from £45 to £100. For consumers using Apple Pay or Google the rise will be no big change as smart device payments are limitless however, most retailers are likely to see a change in the amount of contactless and overall card transactions.
On the announcement of the increase Chancellor Rishi Sunak stated, “Increasing the contactless limit will make it easier than ever to pay safely and securely, whether that’s at local shops, or your favourite pub and restaurant.” “As people get back to the high street, millions of payments will made simpler, providing a welcome boost for retailers and shoppers”.
This is the second increase in two years and will be the fifth since contactless payments were first introduced back in 2007, when it was set at a £10 limit. Since 2007 the use of contactless payments has skyrocketed with this latest increase bringing the UK a step closer to the much-debated cashless society.
