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Britain raises contactless limit as COVID accelerates electronic payments
( go to the article → https://datafloq.com/read/britain-raises-contactless-limit-covid-accelerates-electronic-payments/12875 )
LONDON (Reuters) - Britain is more than doubling to 100 pounds ($139.75) the limit on contactless payments made with debit or credit cards, the finance ministry said on Wednesday, as COVID-19 accelerates a shift to electronic payments from cash. The finance ministry said that while legally in force from Wednesday, the changes to limits from the current ceiling of 45 pounds will not happen in practice immediately, as firms will need to make the necessary systems changes. The banking industry is due to implement the new 100 pound limit later this year, it said. Britain is no longer bound by the 45 pound cap on contactless payments that was applied by the European Union, whose single market the country left on Dec. 31, the finance ministry added. Britain's Financial ...Read More on Datafloq
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