One expert said he thought the plan would be of benefit to shoppers
An update has been given to plans which could see major changes for anyone who uses their bank card for contactless payments in shops. Anyone buying their shopping with their bank card could be in for a major change under plans unveiled by the government.
One expert said he thought the plan, which the Financial Conduct Authority hopes will support economic growth, would be of benefit to shoppers, who overwhelmingly prefer to pay this way. The most recent contactless limit change - from £45 to £100 - took place back in October 2021 in an effort to encourage no touch point payments during the pandemic . The government also hoped that by upping the limit and allowing consumers to spend more using their preferred payment method, this would help to boost retail and economic growth post-COVID, reports Lancs Live.
Businesses won't need to manually update their payment systems as the change will occur automatically in line with any changes to the limit. The FCA last month issued a letter in response to the Government on the steps it is taking, and those it could take, to support economic growth.
Asda Sainsbury's Tesco Your Money In The Know Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Major Bird Flu outbreak sees major cull of laying hens at farm near WemA devastating outbreak of highly pathogenic avian influenza (HPAI or H5N1) has struck a major egg production site near Wem, leading to the reported culling of over a million laying hens.
Read more »
Scotland's rat and pest hotspots named as major city takes number one spotA new investigation has revealed the areas of Scotland that are most affected by rat and pest infestations, with the country overall seeing a surge in reports in recent years.
Read more »
Lewis Hamilton has already requested one major change to Ferrari car ahead of 2025 F1 seasonLewis Hamilton has requested a major change to the 2025 Ferrari car following his first test drive at the constructor's test track in Fiorano.
Read more »
King Charles Revives Political Tradition with One-to-One Meeting with Conservative LeaderKing Charles III met with Conservative leader Kemi Badenoch in a formal one-to-one audience at Buckingham Palace, reviving a political tradition that had been dormant for nearly two decades. This follows a period where the convention of the monarch meeting with opposition leaders was largely abandoned. The meeting comes amidst ongoing discussions about the King's role in political matters and his commitment to environmental causes.
Read more »
Review: Tineco Floor One S5 Wet Dry Vacuum Cleaner gives you two for oneThe iLoop Smart Sensor Technology detects the type of mess and automatically adjusts suction power, water flow, and brush roller speed
Read more »
Devon rowing teams battle flying fish in Atlantic crossingOne team member was hit five times in one night by the 'smelly' fish.
Read more »