REGULATORY · COMPETITIVE · UK
Banks keep £100 limit for contactless payments
Change
Major UK banks are maintaining a £100 cap on individual contactless debit and credit-card transactions.
Why it matters
The regulatory cap on individual contactless transactions has been removed. Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander continue to apply a £100 per-transaction contactless limit on cards they issue. Monzo retains a £100 limit; Starling and Revolut have not set new limits. Banks are permitted to change contactless limits immediately.
Implications
- · Cardholders issued by the listed banks cannot complete single contactless card payments above £100.
- · Merchants accepting contactless payments from those issuers will continue to have single-transaction contactless receipts capped at £100.
- · Issuer and acquirer payment configurations for affected banks will continue enforcing the £100 per-transaction limit.
Who is affected
- · Card-issuing banks and fintech card issuers
- · Retail customers using contactless debit and credit cards
- · Brick-and-mortar merchants accepting contactless payments
- · Payments operations and terminal configuration teams
Source
Topics
Law & Public Safety Regulatory Actions Finance & Banking Financial Services Fintech & Payments