​What you need to know about contactless payment limit changes

​What do you need to know about contactless payment limit changes?

The FCA then announced its plans to free banks and also payment providers to have more flexibility in setting future contactless payment limits, moving them away from fixed regulatory caps.

This, in practice, means that firms will be able to update limits more quickly in response to changing consumer behaviour, inflation, and spending habits. Importantly, this increased flexibility still comes with a clear expectation: robust fraud protections must remain.

The result for consumers could be a frictionless, more convenient checkout experience.

It increases the ante for risk management, governance, and customer protection for firms. The regulation of these payment methods moves in step with an evolving environment in which finding the right balance between flexibility and accountability becomes increasingly crucial and firms will need to show they can manage both.

👉 You can read the FCA’s full announcement and the details behind the changes here:
https://heyor.ca/JVaC4y

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