Millions of contactless card users in the UK are about to get more say over their payment limits. The Financial Conduct Authority (FCA) has confirmed new rules allowing banks and card providers to raise or even remove the current £100 contactless limit from March.
Set Your Own Limits or Scrap Them Completely
Under the new guidelines, you could soon choose your maximum contactless spending limit – or turn contactless payments off altogether. Some banks already let customers tweak these settings via their apps, but the FCA wants it rolled out across the board.
FCA Ready to Back Banks, Despite Low Demand
While a recent FCA survey found most customers and industry insiders are happy with the current £100 cap, the regulator insists it’s important to offer flexibility. “We don’t expect immediate hikes,” said the FCA, “but the option will be there should firms want to act.”
The History of Contactless Limits
- 2007: Contactless limit launches at £10
- 2010: Raised to £15
- 2012: Increased to £20
- 2015: Raised again to £30
- 2020: Jumped to £45 during the pandemic
- 2021: Current £100 limit imposed
This move could give shoppers greater freedom – or risk bigger losses if cards are lost or stolen. Either way, UK contactless payments are entering a new era of control.
