Earlier this month, Scottish Financial News reported that UK banks were pushing the Treasury to increase the limit. Industry experts urged that raising the cap to £100 could help to reduce the spread of COVID-19 by doing away with the need for shoppers to enter their PINs, reducing face-to-face contact time with till workers and shortening queues.

Yesterday, the Financial Conduct Authority (FCA) announced it would shortly be seeking views on amending its rules to allow for a possible increase in the limit to £100. 

The FCA said: “Since the limit for contactless card payments was raised to £45 last April at the start of the pandemic, people are increasingly making use of contactless payments. It’s important that payments regulation keeps pace with consumer and merchant expectations. Recognising changing behaviour in how people pay, as part of a wider consultation, we will shortly be seeking views on amending our rules to allow for a possible increase in the contactless limit to £100.”