Business & Investment

Would you like to fill your car with non-contact?The limit could be raised to £ 100 soon

The amount that the British can spend on contactless cards without entering a pin could more than double to £ 100 under a new proposal proposed by regulators on Wednesday.

The Financial Conduct Authority said it is currently “seeking opinion” on whether to raise the contactless payment limit from £ 45 as part of discussions recognizing “changes in people’s payment methods.”

The move is to pay an average weekly grocery fee (£ 56.60 in 2019) or 55 liters of Ford Focus (currently around 65) without the UK family entering a four-digit password. It means that you can fill the pound).

You can pay for grocery bills and petrol without having to enter a 4-digit PIN code below the suggestion.

Proposals after the contactless payment cap was raised from £ 30 to £ 45 in April last year in response to the coronavirus pandemic will select more contactless payment methods as a result of the pandemic. Brought to you as the number of British people increases.

Government guidelines encourage businesses to adopt contactless payment methods wherever possible, with contactless debit card purchases hitting record highs last September.

Nearly two-thirds of debit card purchases were contactless, while 678 million of October’s 1.7 billion credit and debit card payments were contactless.

This showed a sharp drop in September, primarily due to tighter coronavirus restrictions, but their value increased 15.8% to £ 8.1 billion in the same month of 2019.

Average spending per contactless payment will increase by a third in 2020 to £ 12.38, according to data from Barclaycard, which accounts for nearly £ 1 for every £ 3 spent in the UK. Total type payments increased by 7%.

UK Finance, an industry group that reportedly marketed ideas to the Treasury Times“We look forward to seeing more details about the FCA’s proposal,” he said in response to Wednesday’s announcement.

“The industry believes that a more flexible approach that takes into account consumer demand, fraud prevention, security and convenience will benefit in the future,” he added.

Regulators also said customers should bank online as much as possible, in reports of increasing attacks on staff trying to maintain social distance and enforce rules on face coverings. The British reiterated that they were required to wear a face cover at a bank branch.

Under the changes proposed by the Financial Conduct Authority, an average family grocery bill of £ 56.60 per week could be paid without entering a pin.

Under the changes proposed by the Financial Conduct Authority, an average family grocery bill of £ 56.60 per week could be paid without entering a pin.

The contactless payment boom seems to have come at the expense of cash.

About 71% of the people surveyed by the Bank of England last year said they were using less cash than before the pandemic. Meanwhile, LINK, which operates the country’s network of automated teller machines, has found that the amount of money withdrawn from ATMs has decreased by about 30 per person. Last year it was £ 81 billion to £ 81 billion.

“Coronavirus has changed our relationship with cash. LINK CEO John Howells is confident in shopping online and using contactless payments. He said that more and more people are happy to have it.

The decline may be partly due to concerns that cash may help spread the coronavirus, but in November last year the Bank of England decided it was unlikely.

Nonetheless, changes in government behavior and guidelines have moved both businesses and consumers away from cash, often against the wishes of some.

Which is the consumer group? Last week, 34% of the people surveyed were rejected when they tried to pay in cash, and it turned out that grocery stores were likely to be cashless.

In response to the FCA announcement, Money Head Gareth Shaw said: “Raising the cap on contactless payments helps those accustomed to managing money digitally, further demonstrating that the banking industry is accelerating towards cashless payments.

“But it’s not just about making things more convenient for those who can benefit from the development of payment technology. The rapid pace of cash machine and bank branch closures is a sign of a slowdown. Millions of people still rely on cash to pay for important products and need to protect their cash networks.

“To protect access, governments need to implement the law as soon as possible, but regulators need to track the acceptance of cash, because the law is compromised if there is no place to use it.”

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Would you like to fill your car with non-contact?The limit could be raised to £ 100 soon

https://www.dailymail.co.uk/money/saving/article-9192289/Britain-raise-contactless-ceiling-pandemic-payment-surge.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Would you like to fill your car with non-contact?The limit could be raised to £ 100 soon

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