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How To Avoid Blowing Your Budget With The New £100 Contactless Limit

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The contactless card spending limit has more than doubled, now standing at £100. The move should help some queues go down more quickly at checkouts, as shoppers can pay with a single swipe, rather than keying in their pin.

But for some, the chance to ‘tap and go’ more often could mean bigger debts, as they lose sight of their spending.

Here’s a look at how the contactless spending limit has shot up – and how you can stick to your budget now that the limit has increased.

How has the contactless card transaction limit increased already?

Back in 2007, contactless cards had an initial limit of just £10. This was increased to £15 in 2010, £20 in 2012, and £30 in 2015.

Last year the limit was increased to £45, with some retailers and customers being reluctant to deal with cash during the coronavirus pandemic. A Bank of England study, however, found the risk of catching coronavirus from banknotes is low.

What’s changed now?

As of October 15, shoppers will now start to see retailers accepting contactless payments up to the new £100 limit. However, as many terminals need to be updated to accept the new limit, it may be a while before all retailers can introduce it.

Trade association........

© HuffPost

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