Banks push for UK to increase contactless limit to £100
In the wake of Brexit, banks are pushing the UK government to increase the contactless payments limit to £100, breaking with an EU cap of £45.
The limit was only raised from £30 to £45 in April, partly in response to the Covid-19 pandemic, which has prompted a surge in tap and pay at the expense of cash.
In September, contactless accounted for 64% of all debit card transactions and 46% of credit card transactions, according to UK Finance.
Contactless payments first arrived in the UK in 2007, with a £10 ceiling which has been gradually increased over the last decade.