The idea was raised to the Treasury by UK Finance, a City lobby group, who joined with card service providers to highlight the need for the limit increase. Although the Treasury's response to the idea was positive, it will need to gain the approval of the Financial Conduct Authority before plans go ahead.
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Limit on contactless payments could be raised from £45 to £100 in one of Britain's first steps away from EU rules
Eric Leenders, Managing Director of Personal Finance, UK Finance, said: 'September saw the proportion of contactless debit card payments hit a record high for the second month in a row, rising to 64 per cent of total transactions in August. 'The value of overall contactless spending was also up by over 18 per cent compared to the same period last year, as consumers made further use of the increased £45 contactless spending limit.'
