{"id":511,"date":"2025-01-24T14:37:41","date_gmt":"2025-01-24T15:37:41","guid":{"rendered":"http:\/\/www.phithuongbatphu.com\/?p=511"},"modified":"2025-04-16T01:24:14","modified_gmt":"2025-04-16T01:24:14","slug":"major-shake-up-to-how-shoppers-buy-items-at-the-tills","status":"publish","type":"post","link":"http:\/\/www.phithuongbatphu.com\/index.php\/2025\/01\/24\/major-shake-up-to-how-shoppers-buy-items-at-the-tills\/","title":{"rendered":"Major shake-up to how shoppers buy items at the tills"},"content":{"rendered":"
\n
\n\t\t\"James\t<\/div>
Scrapping the cap could drastically cut the need to insert your pin number when shopping (Picture: Justin Tallis\/AFP via Getty Images)<\/figcaption><\/figure>\n

The \u00a3100 cap on contactless payments may be scrapped in a major shakeup of how people shop.<\/p>\n

Contactless payments are currently limited by regulator the Financial Conduct Authority (FCA).<\/p>\n

But as the cost of living<\/a> sends the price of every items ever higher, it is considering scrapping it to support growth.<\/p>\n

If approved, caps would be set by banks and payment providers themselves.<\/p>\n

This already happens with Apple<\/a> Pay and Google Pay, which has no limit in the UK although some retailers set their own. <\/p>\n

The FCA recently sent a letter to the Government<\/a> on the steps it is taking to support growth.<\/p>\n

It suggested that one step could be to remove the contactless limit.<\/p>\n

This would ‘allow firms and customers greater flexibility and level the playing field with digital wallets’, it said.<\/p>\n

\n
\n\t\t\"Young\t<\/div>
The FCA suggested scrapping the limit in an effort to support economic growth (Picture: Getty Images)<\/figcaption><\/figure>\n
\n
\n\t\t\"TARLETON,\t<\/div>
Contactless payments had a \u00a310 limit when they were introduced in 2007 (Picture: Christopher Furlong\/Getty Images)<\/figcaption><\/figure>\n

The move would bring the UK in line with the US, where there is no fixed limit. <\/p>\n

This allows customers in shops to use contactless for the majority of their payments and transactions.<\/p>\n

In October, a study by UK Finance found contactless payments accounted for 65% of all credit card and 77% of all debit card transactions.<\/p>\n

Overall Britons made 1.6billion contactless card transactions in that month. <\/p>\n

Contactless payments were first introduced in 2007 with a cap of \u00a310. The limit gradually increased until 2021 when the \u00a3100 limit came in. <\/p>\n

A spokesman for UK Finance said: ‘We are continuing to speak to the FCA to understand their thinking and plans. <\/p>\n

‘We understand they are looking at whether industry can have greater involvement and flexibility in the limit in the future.’ <\/p>\n

The suggestion by the FCA was one of the changes it is considering to help secure growth.<\/p>\n

Other suggestions include relaxing mortgage rules to make it easier for first time buyers to get on the property ladder.<\/p>\n

They also suggested requiring firms to accept electronic verification of death to speed up bereavement claims in insurance.<\/p>\n

Get in touch with our news team by emailing us at webnews@metro.co.uk<\/a>.<\/strong><\/strong><\/strong><\/p>\n

For more stories like this, <\/strong>check our news page<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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