The legal limit for contactless payments will more than double, Chancellor Rishi Sunak will confirm in today’s budget. The limit for a single contactless payment will rise from £45 to £100 as part of Mr Sunak ‘s plans to boost businesses as the UK recovers from the COVID crisis. You can watch and follow the budget live with special coverage and analysis from 12.30pm – and a special edition of the Sky News Daily podcast will be available to listen to from 7pm. “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,” the chancellor said. The move comes despite fears of a growing fraud risk from the increased use of contactless payments. Advertisement On Tuesday, Sky News reported that some of Britain’s biggest banks were urging the government and regulators to stagger the hike from the current limit of £45 and to curb the number of times contactless cards can be used on any single day. The action to increase the limit on… Read full this story
- Budget 2021: Contactless payment limit to increase to £100, Chancellor Rishi Sunak announces ahead of announcement
- Budget 2021: Chancellor Rishi Sunak promises to use 'fiscal firepower' in budget to protect jobs and livelihoods
- Budget 2021: Rise in corporation tax and freeze on thresholds as Rishi Sunak tries to recover COVID debt
- Budget 2021: Climate, health and culture - what are the wider impacts of the budget?
- Budget 2021: Polls suggest public approve despite looming tax rises
- Banks warn over fraud risk as Sunak prepares £100 contactless limit
Budget 2021: Contactless payment limit to increase to £100, Chancellor Rishi Sunak says have 278 words, post on news.sky.com at March 3, 2021. This is cached page on Europe Breaking News. If you want remove this page, please contact us.