Lobbying group UK Finance has reportedly asked for the contactless spending limit to be increased to Ā£100.
In Brief:
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The limit was increased from Ā£30-Ā£45 last year due to Coronavirus.
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This was through the agreement of the European Commission.
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Now the Brexit transition period has ended, UK Finance says the UK has the opportunity to raise its own limit even further.
What does this mean?
For the majority of people, the shift to digital, contactless and mobile payments accelerated by Covid-19 is said to be a permanent change in lifestyle. UK Finance says that upping the limit even further will continue to help protect against virus transmission, with the UK now seeing record new cases of Covid-19. The group notes that the increased limit has already led to a higher proportion of contactless debit card payments, which rose to 64% in August.
