An announcement by the Financial Conduct Authority (FCA) that it is to consult on increasing the UK’s contactless payment limit to £100 has been welcomed by Nice Network.
The contactless payment limit was raised from £30 to £45 last year during the Coronavirus pandemic as businesses opted for safer, more efficient ways to conduct transactions.
Nikki Lee, Head of Marketing at Nice Network, said: “The FCA’s announcement that it is to consider increasing the contactless payment limit to £100 will provide a much-needed boost to businesses across the UK, especially those operating in the leisure, retail and hospitality sectors.
“Contactless payment technology has come a long way since its launch in 2007 – when the technology was shrouded in uncertainty over privacy and security fears – with 43% of all UK debit card transactions in 2019 alone being completed via contactless devices.
“This increasing trust placed in contactless technology by the public will also have continued to rise in 2020, with the Covid-19 pandemic proving just how important contactless payments are to making transactions not only more efficient, but also safer, and – as the nation looks to bounce back from the crisis – contactless payments will be key to businesses reopening their doors and helping rebuild the economy.”
Nice Network provides contactless payment solutions and support to businesses across the UK, from small, family-owned retailers to global conglomerates.
If your business is thinking of going contactless, request a callback today to receive a free overview of your existing systems.