News Minimalist logo

News Minimalist

All news ranked by significance

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 18029 analyzed articles.

Get summaries of news with significance over 5.5 (usually ~10 stories per week). Read by 9000 minimalists.

More on this topic:

    [3.8]
    Indian banks integrate with I4C to combat fraud (economictimes.indiatimes.com)
    24h
    LinkSource
    [3.3]
    U.S. targets cash transactions in California and Texas (baltimoresun.com)
    1d 7h
    LinkSource
    [2.6]
    UK may remove £100 cap on contactless payments (express.co.uk)
    1d 22h
    LinkSource
    [2.4]
    Mastercard and Consumer NZ seek card surcharge ban (nzherald.co.nz)
    4h
    LinkSource

Timeline:

    [2.7]
    FCA reviews £100 contactless payment limit in UK (independent.co.uk)
    3d 14h
    Source
    [2.2]
    FCA reviews £100 contactless card limit for payments (express.co.uk)
    3d 14h
    Source
    [2.6]
    UK regulator reviews £100 contactless payment limit (standard.co.uk)
    3d 14h
    Source
    [2.6]
    FCA may change £100 contactless payment limit in UK (mirror.co.uk)
    3d 15h
    Source
    [2.3]
    UK may increase or remove £100 contactless payment limit (thesun.co.uk)
    3d 16h
    Source