FCA to Remove £100 Contactless Limit for Greater Flexibility

Regulatory Change Aims to Boost Economic Growth and Digital Payments

Highlights:

1. Regulatory Change: The Financial Conduct Authority (FCA) plans to remove the £100 contactless payment limit to provide greater flexibility for firms and customers.
2. Economic Growth: The move is part of a broader strategy to boost economic growth by leveling the playing field with digital wallets.
3. Digital Payments: The change aims to enhance the adoption of digital payment methods and improve consumer convenience.

Summarized Story:

The Financial Conduct Authority (FCA) has announced plans to remove the £100 contactless payment limit, aiming to provide greater flexibility for both firms and customers.

This regulatory change is part of a broader strategy to boost economic growth by aligning the UK with practices in the US, where there is no fixed limit for contactless payments. The FCA believes this move will level the playing field with digital wallets and enhance the adoption of digital payment methods.