FCA proposes limitless contactless payments
Hannah Fitzsimons CEO at Cashflow commented: “The FCA’s move to let payment providers set their own contactless limits is long overdue. Regulators are finally catching up with how people actually pay. This isn’t tinkering at the edges; it’s a decisive step towards a pro-growth framework that recognises the way digital payments already work. Digital wallets on smartphones face no limits, so why should cards be stuck in the past?”
“Let’s be honest: the contactless cap has been crawling forward in baby steps since £10 in 2007. At £100 today, it’s out of sync with modern life. Consumers are ready to tap for the big weekly shop, a family dinner, or any purchase where speed matters. The fact this proposal is on the table despite most consumers preferring the status quo shows something vital: progress is finally beating caution.”
“For the UK’s SMEs, this change is about survival and growth. Every pound trapped behind an artificial cap is a pound delayed from reaching a business’s till. Frictionless payments aren’t a nice-to-have, they’re oxygen for small businesses in a competitive market. As an industry, we have a duty to back this shift and give SMEs the tools to thrive, not just scrape by.”