Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent representations he has received on raising the limit for contactless spending to £100.
The Government’s EU exit deal allows the Financial Conduct Authority (FCA) to change the legal contactless limits, which were previously set by the European Commission. On 3 March, the FCA increased the legal single contactless payment limit from £45 to £100.
The FCA undertook a public consultation ahead of taking its decision and has carefully considered the potential impacts on fraud from these changes. When the contactless payment limits were last raised in Spring 2020 from £30 to £45 there was no significant recorded increase in fraud levels.