LONDON (Reuters) -Contactless card payments in Britain could exceed a 100-pound ($135.35) limit under new proposals outlined by the markets regulator on Wednesday. The Financial Conduct Authority (FCA) said it was proposing giving card providers the flexibility to decide the right limit for them and their customers, noting that people could benefit from more convenient […]
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British regulator proposes scrapping limit on contactless card payments
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LONDON (Reuters) -Contactless card payments in Britain could exceed a 100-pound ($135.35) limit under new proposals outlined by the markets regulator on Wednesday.
The Financial Conduct Authority (FCA) said it was proposing giving card providers the flexibility to decide the right limit for them and their customers, noting that people could benefit from more convenient larger payments.
The consultation, which will run until October 15, is one of around 50 measures the FCA outlined in a letter to the prime minister in January to support economic growth and prioritise digital solutions.
Many card providers already allow customers to adjust personal contactless limits or turn off contactless functionality on their card altogether, amid more well-established fraud controls, the FCA said.
“While we wouldn’t expect to see immediate changes to limits by firms, they would have the flexibility to make payments more convenient for customers,” said David Geale, the FCA’s executive director of payments and digital finance.
“People are still protected; even with contactless, firms will refund your money if your card is used fraudulently.”
($1 = 0.7388 pounds)
(Reporting by Kirstin RidleyEditing by Tomasz Janowski)