On 24 March 2020, UK Finance announced that the spending limit for contactless card payments will be increased from GBP30 to GBP45 with a national-roll out commencing on 1 April 2020. UK Finance is the trade association for the UK banking and financial services sector.
The decision to raise the limit was reached following a consultation between the retail and finance sectors and the payment industry. The changes were already under consideration by the industry, but the process has been expedited as part of the industry’s response to the coronavirus COVID-19 outbreak to support consumers who choose to pay using contactless at this time.
From 1 April 2020, consumers will begin to see an increasing number of shops accepting contactless card payments up to the new GBP45 limit. The new limit will take some time to be introduced across all retailers.
Separately, on 25 March 2020, the EBA stated the need for orderly payment services during this period. The EBA recommended the use of contactless payments up to €50 which is approximately the Euro equivalent of the new Sterling limit.
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