The U.K. is set to double the existing contactless payment limit, taking it to 100 British pounds, or about $140, over the summer, the BBC reported on Wednesday. Contactless payment is widespread in the U.K., not just through physical credit and debit cards, but by using mobile payment systems like Apple Pay and Google Pay too. The previous limit was established as 45 pounds/$62 in 2020, a small rise from the prior 30/$42 pounds limit. Contactless payments have seen an increase in utility over the pandemic as cash has been downplayed due to fears of viral transmission. Contactless payments have also been adopted by new-style online, app-based banks such as Monzo, where payment can be made instantly from phones, even without having a corresponding physical card. The contactless payment upgrade is part of the U.K.'s annual budget, announced on March 3, and U.K. Chancellor Rishi Sunak told media outlets, "as we begin to open the U.K. economy and people return to the High Street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth." Chancellor Sunak's rosy outlook is… Read full this story
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