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UK may remove £100 cap on contactless payments

express.co.uk —

The Financial Conduct Authority (FCA) is considering removing the £100 cap on contactless payments in the UK. This change aims to simplify transactions but raises concerns about potential fraud if cards are lost or stolen. Currently, banks can set their own limits on contactless payments. The FCA's proposal may allow businesses to adjust these limits based on their fraud rates, similar to practices in the USA. The FCA assures that consumer protections will remain in place, including reimbursement for unauthorized transactions. The review aims to enhance consumer confidence and improve the shopping experience.

With a significance score of 2.6, this news ranks in the top 29% of today's 18087 analyzed articles.

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Timeline:

    [2.7]
    FCA reviews £100 contactless payment limit in UK (independent.co.uk)
    3d 15h
    Source
    [2.2]
    FCA reviews £100 contactless card limit for payments (express.co.uk)
    3d 15h
    Source
    [2.6]
    UK regulator reviews £100 contactless payment limit (standard.co.uk)
    3d 15h
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    [2.6]
    FCA may change £100 contactless payment limit in UK (mirror.co.uk)
    3d 16h
    Source
    [2.3]
    UK may increase or remove £100 contactless payment limit (thesun.co.uk)
    3d 17h
    Source