According to UK Finance, the national rollout of the PS100 spending limit for contactless cards payments will start on 15 October 2021.
After a public consultation, discussions with both banks and retail sectors, HM Treasury and Financial Conduct Authority (FCA), the decision was made to increase the contactless limit to PS45 from PS45 to PS100. This follows the increase in the limit from PS30 and PS45 in April 2020.
Consumers will see retailers accept contactless payments starting 15 October 2021 up to the new PS100 limit. This will allow customers greater flexibility when shopping in-store.
David Postings, Chief Executive at UK Finance, stated:
Contactless payment is becoming increasingly popular among consumers.
“The PS100 limit will be increased to allow customers to pay higher-value transactions such as their weekly shop or fuel for their cars. The payments industry has put in a lot of effort to make it possible for retailers to upgrade their payment systems and offer this higher limit em> to their customers.
Internet Link: UK Finance