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Contactless limit will increase to £100 in October

UK Finance, the body that represents the UK’s banking and finance industry, has confirmed that the limit for each contactless transaction will be increased from £45 to £100.

The change will come into effect from 15 October.

However, it won’t be available at every retailer straight away as sales terminals need to be updated before it can accept the higher limit.

The limit increase was announced earlier this year by the Financial Conduct Authority.

It was also announced that the contactless threshold for multiple transactions – when users would have to use chip and pin as a security check – would be raised from £130 to £300.

Obviously there are concerns over whether this will increase thefts – and it may well do – but UK Finance says there are already protective measures in place.

Specifically: “Every card has an in-built security check which means from time-to-time you have to enter your PIN to verify that you are the genuine cardholder. You can also only spend a maximum of £100 in any single contactless card transaction.”

It added: “You are fully protected against fraud, so you get all of your money back and will never be left out of pocket. If you notice any suspicious activity on your account, contact your bank immediately.”

UK Finance have also debunked a number of other myths, including the one about thieves stealing your payment details on public transport.

It’s helpful, though, if you have the app for your card provider on your phone as these usually have a card blocking feature that you can use straight away without waiting to get through to your bank’s fraud department.

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