Fraud fears as contactless card payments could be set at £100

Banks are concerned plans to increase contactless payments to £100 will push up fraud.

The Chancellor Rishi Sunak is expected to bump up the amount allowed from £45 to £100.

But banks are railing against the proposal.

The current limit set by the European Union is €50.

Mr Sunak’s move is designed to move Britain further away from the EU.

Business leaders told Prime Minister Boris Johnson earlier this year that an increase would be a “potent symbol” of Britain’s ability to go it alone.

It is reported there was a suggestion the sum allowed could go as high as £1,000.

The Financial Conduct Authority announced a consultation on the threshold in January, saying that it was “important that payments regulation keeps pace with consumer and merchant expectations”.

 


About the Author

Philip Braund spent 16 years at the Daily Mirror as a reporter and news editor before moving to ITV. He was the series producer of the ground-breaking investigation programme The Cook Report, Managing Editor at ITV's Millbank Studios, and Head of News at ITV Central. He has won national and regional Royal Television Society awards for documentaries.



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