New contactless framework reflects maturity of UK payments market
Hannah Fitzsimons, CEO of Cashflows said: “Contactless payments are becoming increasingly aligned with the reality of modern commerce. The rule change is more than a technical update, it’s a decisive step toward a pro-growth framework that trusts providers and consumers to manage their own financial lives.”
“The past two decades have shown that every time the contactless limit has been raised – from the initial £10 in 2007 to the jump to £100 in 2021 – the predicted ‘crises’ or waves of fraud simply never materialised. Instead, each increase was met with seamless adoption and improved efficiency at the point of sale. We’ve seen no fallout in the past because the industry’s fraud controls are robust, and this time will be no different. This is a natural evolution of the technology.”
“As adoption continues to accelerate, maintaining consumer trust will be critical to long-term success. Confidence depends on clear safeguards, effective oversight and transparency around how limits are applied”.
“For UK SMEs, this change is about removing the final hurdles to frictionless trade. Whether it’s a larger weekly shop or a family dinner, speed and convenience are the lifeblood of the high street. By allowing banks to set their own maximums, we’re giving businesses the tools to thrive in a competitive market. We must embrace this progress, frictionless payments are no longer a luxury – they are the oxygen that allows our everyday economy to breathe.”