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The U.K.’s Financial Conduct Authority may remove the 100-pound (about $123) contactless limit and “set new digital service standards” as part of its efforts to support the government’s growth mission. The move would also allow firms and customers greater flexibility and level the playing field with digital wallets.
“We already had significant work in train for this year which I set out below, along with new proposals which go further,” Rathi said in the letter, addressing Starmer. “We have listed ideas to test with you and through wider consultation, which we would do as quickly as possible, including with our statutory panels. This will be supported by academic research we have commissioned to better understand the links between financial regulation and growth.”
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