Overview
- The rule removes the statutory per‑transaction ceiling and hands decisions on contactless limits to individual firms.
- Existing protections remain in place, including refunds for unauthorised fraud such as on lost or stolen cards.
- UK Finance and the FCA say they do not expect widespread immediate increases to contactless limits.
- Defaqto’s February review found only 13 of 31 providers let customers set a personal contactless limit, while 21 allow users to freeze contactless.
- Banks are being urged to offer customer controls, and users are advised to enable alerts, review spending tools, and set personal limits where available.