UK raising contactless payment limit to £100
Rishi Sunak, the UK’s finance minister, has announced a raise to the capped contactless payment limit in the United Kingdom today, more than doubling the amount that can be spent using contactless cards and mobile payments in the country to £100.
In a statement to the Evening Standard, Sunak said the boosted spending cap will make it “easier than ever before for people to pay for their shopping,” as the UK plans the return of high street stores following closures in light of the COVID-19 pandemic.
As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth across the capital.
88.6% of card payments in the UK last year were contactless, according to research by Barclaycard, working out to around nine out of 10 payments.
Today’s increased limit doesn’t have that much effect on Apple Pay and other mobile payment services, as the heightened security of paying using a smartphone is considered to be an authenticated transaction, similar to entering a PIN number to complete a payment.
Stores that already specifically support mobile payments have much higher limits on the amount that can be spent with Apple Pay, for example, whereas merchants who accept general contactless payments without directly supporting mobile payments will be capped at £100.