Contactless limit increasing to £100 from October 2021
The contactless spending limit for debit and credit cards will rise from £45 to £100 on the 15th October 2021 it was announced.
With the contactless limit having been increased from £30 to £45 in April 2020, the increase to £100 means that there will be no restrictions on contactless payments when paying for goods or services. The rise in the contactless limit will make it even easier for people to make purchases quickly and securely, which is convenient for consumers and businesses alike.
New Contactless limit announced
The new £100 contactless limit will ensure that the technology is more widely available, giving businesses confidence to invest in upgrading their credit card terminals to accept greater value payments. It will also provide consumers with the ability to pay for more high value items when shopping with contactless cards. The most popular card machine of choice currently is the Ingenico Move/5000 which offers tri-communication technology providing flexibility for business owners alike.
How will customers benefit from the new £100 contactless limit?
There will be so many benefits. No longer will shoppers have to worry about what they can buy – The ‘Contactless Payment Limit’ increase to £100 in October 2021 will allow customers to minimise the number of times they have to take their wallet out. With the new increase, it means you can pay for your weekly shop, a taxi home or lunch with friends all with the value increasing from £45 to £100. Contactless payments are already used millions of times every day in the UK to buy coffee, lunch and many other bits. The new contactless payment limit will give even more people the chance to pay for their goods quickly and conveniently when shopping at their favourite retailers.
Contactless payment functionality allows for payments of up to £100 without the need to enter your Pin at a number of retailers and terminals across the UK. Contactless technology means you can pay for larger transactions quickly and easily with a single touch of a card.
Where can I get a contactless credit card machine?
Here at Wireless Terminal Solutions our contactless enabled credit card machines are used by tens of thousands UK businesses including retailers, bars, pubs restaurants, market traders and sole traders amongst others. Our contactless enabled credit card machines are quick, easy and completely secure, and we offer rental on our hardware from as little as one day and offer bespoke contract options, so unlike other suppliers or resellers we are able to offer more flexibility. Contactless payments are a fast, easy and secure way to pay for goods and services over £100. With a contactless card, you can make fast, easy and secure payments of up to £100 by touching the Contactless symbol on a terminal.
Will business owners need to update their credit card machine before they can accept the new £100 contactless limit?
Any customers who currently accept contactless card payments will need to update their card machine before the new £100 contactless limit is applied. If you are a business owner and you are unsure on the process, we recommend that you contact your credit card machine supplier directly. Each card machine manufacturer will operate a different process depending on the type of card machine you may have.
When did contactless payments start?
Contactless payments initially started 14 years ago in 2007 where the limit was initially only £10, and purchases of this kind were mainly limited to snacks or drinks. Five years later, the contactless limit was doubled to £20 and then to £30 in 2015. Last April in light of the pandemic the figure was then increased to £45 but due to the sheer growth and popularity this has now been reviewed and increased to £100.
With Christmas only two months away the new £100 contactless limit will make it quicker and easier for people to pay for their Christmas presents and also speed up how retailers process transactions and as a result eliminate queues.
To learn more about how your business can benefit from a contactless credit card machine please call us today on 0208 669 2103 or email sales@wirelessterminalsolutions.co.uk.