Overview
- From March 19, banks and payment providers can set their own contactless card caps under new Financial Conduct Authority rules.
- Lloyds, HSBC, Santander, Barclays, NatWest and Monzo say they will initially retain the £100 single‑transaction limit.
- Existing consumer safeguards remain in place, including refunds for unauthorised card fraud and ongoing security checks.
- Firms that change limits must clearly inform customers, and providers are encouraged to let users set personal limits or switch off contactless.
- Companies may also reconsider the current £300 or five‑tap strong customer authentication threshold, with industry figures expecting a cautious, phased approach that could ease checkout friction.