Verifone will be updating card payment terminals to accept the new contactless spend limit of £100. The UK roll-out of the new spending limit for contactless card payments will begin from 15th October 2021.
Why is the contactless limit increasing?
The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority following a public consultation and in discussion with both the retail and banking sectors. It follows on from the successful increase in the limit from £30 to £45 in April 2020.
The FCA also confirmed the threshold for multiple contactless transactions before a customer is required to enter their PIN will also rise from £130 to £300.
Contactless payments offer a fast, and seamless payment experience. The increase is designed to make payments easier and more convenient for a range of purchases including larger grocery baskets, fuel, restaurants, bars and transport tickets.
Overall, contactless payments accounted for more than a quarter (27 per cent) of all UK payments.
What are the key dates for implementation?
The update will be rolled out from the 15th October 2021.
The changes are being tested with our systems and the payment acquirers’ to ensure end to end payment processing conformance. Once testing has been completed the required updates will be available through the normal channels via an update.