🚨 Big Change Alert! 🚨 The £100 contactless card limit in UK shops might be going away as the Financial Conduct Authority (FCA) consults on shaking things up. This could mean more freedom for you and your bank to decide what’s best when it comes to tapping that card! 🏦✨
Currently, the limit sits at £100, but how about having a say in your own spending cap? Many banks already let you tweak your contactless limit or even turn it off entirely. 💳🔒
David Geale from the FCA notes that as payment tech gets smarter and fraud controls tighten, it’s the perfect time for banks to offer more personalisation in payments. Think more convenience without losing any of your hard-earned protection. 🛡️💷
Even if your card gets into the wrong hands, banks are still on your side, ready to refund unauthorised transactions. UK Finance reports contactless fraud is low, at about 1.3p per £100 spent, compared to 6p for other types. Not bad, right? 📉🔍
This move is part of a broader initiative to support economic growth, with innovations and flexibility in how we pay being key! 🌟
What do you think? Ready for new payment horizons or happy with the current cap? Let us know below! 💬👇 #Contactless #PaymentChanges #FCA #TechUpdates