Budget 2021: Contactless card payment limit increases to more than double
The legal limit of contactless card payment increased to £100. Earlier the limit was only £45, which was increased in the last spring from £30 to £45. After this, the limit is now more than the double which will be granted by Chancellor Rishi Sunak ahead of unveiling his latest budget.
This is the second rise in the limit during the coronavirus crisis and for safety, contactless payment was one of the most required steps all around the world and this becomes possible because of Brexit. However, it will not kick in immediately. Firms and the banking industry need time to make systems changes, and the £100 limit is expected to eventually go live later this year.
Mr. Sunak said: “As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth.”