The UK’s biggest banks are not lifting the £100 limit on contactless payments despite being given the option to do so by regulators, according to Finextra.
Following a consultation, in December the Financial Conduct Authority decided that from 19 March banks are allowed to remove the £100 cap.
However, high street giants including Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander, as well as digital challenger Monzo, have all spurred the opportunity, citing a lack of customer demand. Revolut and Starling have not yet confirmed their plans.
While contactless payments are hugely popular in the UK, accounting for 67% of credit card and 76% of debit card transactions, the average value of a tap and pay purchase is under £18.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
