LNB News 14/03/2025
Document Information
Issue Date: 14 March 2025
Published Date: 14 March 2025
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Financial Conduct Authority (FCA) has published an engagement paper to gather feedback on future approaches to contactless payment limits, considering whether removing or increasing the £100 contactless payment limit could be beneficial for families and businesses. The paper examines current regulatory limits on the value and number of contactless payments before authentication is required and explores options to provide greater choice, flexibility and smoother transactions to payment service providers (PSPs), consumers, and businesses while mitigating fraud risks. It highlights the benefits of contactless payments, such as faster transactions, shorter queues, and increased sales, while acknowledging the associated fraud risks. The paper also considers the evolving payments landscape, including the rise of digital wallets and the impact of inflation on spending. Responses are sought by 9 May 2025.
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