6 January - James Luck

Is an increase of the limit on Contactless on the cards?

It has been well reported in the past week that UK Finance has asked the Treasury for the maximum amount paid via contactless cards to be increased from £45 to £100.  Will the Government department be more open to this with the conclusion of the Brexit deal ? It will be a break from the Euro Zones unified approach. It would show the benefit of UK’s new found independence and keenness to be a leader in digital payments market.

Card spending via contactless was at a record high in August (62% of all transactions) and September. September was 18.1% up on 2019 ( 64% of total transactions) and thats with a huge reduction in activity due to social distancing and Covid restrictions. The uplift to £45 per transaction at the height of the first lockdown had probably also produced the 18% in value, increase on contactless spending.

Card fraud will be a consideration for the Treasury and FCA, though current figures show that misuse is less than .3p in £100 spent. If the Retailers provide secondary security for bigger value items fraud risks can be mitigated further.

The benefit of a £100 limit brings regular purchases like filling up the car and the weekly shop onto contactless. Who during #eatouttohelpout hasn’t had a restaurant bill that sneaked over £45 and had to insert the card for a pin payment ? 

There has never been a better time to prepare for a return to ‘normal trading’ by including unattended contactless Kurvey systems in any roll out strategy for 2021. Kashing offer a full range of solutions - contact us today for a run down of how we can help your business. 

To upgrade your business for the cashless society
email .

Kashing Limited Vintage House 37 Albert Embankment London, SE1 7TL United Kingdom

Connect to social

Kashing Limited is a company registered in England and Wales - No: 08957266
Kashing Limited is registered with the Financial Conduct Authority as a Small Payment Institution. Our Financial Services Register number is 630463.