The spending limit on contactless card payments will rise from the current £45 up to £100 from 15 October.
It comes as the pandemic accelerates the shift towards a cashless society, with a greater demand for reducing touch points and being able to ‘tap and go’.
This change does not affect Apple Pay and Google Pay customers, as the providers have set no upper limit.
Contactless payments have been widely adopted by consumers, with many taking advantage of the maximum contactless spend increase from £30 to £45 at the beginning of the pandemic.
According to UK Finance, contactless payments accounted for 49% of all credit card and 65% of all debit card transactions in May.
The limit increase means transactions can be made quicker and easier, reducing wait times at checkouts and hospitality venues, and improving the customer experience.
If you need support getting ready for the increase, or help saving money on card transaction fees, click here to find out more about our merchant services. With the help of Vesta Merchant Services, our merchant services partner, we can now help you achieve the most competitive merchant acquirer rates for your business.