Banks Can Set Own Contactless Payment Limits Beyond £100 from Today

The UK's Financial Conduct Authority (FCA) has scrapped the £100 contactless payment limit, allowing banks to set their own limits for customers. Most banks, including NatWest, Barclays, HSBC, Lloyds, and Nationwide, have stated they will maintain the £100 limit. The change is intended to give banks flexibility to decide the right limit for their customers and implement strong fraud controls. However, some customers may be concerned about potential fraud, as fraudsters could spend larger amounts with stolen cards.