Contactless payment limit to be increased to £100 in today's Budget
3 March 2021, 10:16 | Updated: 3 March 2021, 10:30
Rishi Sunak is expected to increase the limit of contactless card payments in his Budget announcement today.
Shoppers using contactless payment will soon be able to spend up to £100, with Rishi Sunak expected to announce the change in his Budget later today.
The Chancellor will more than double the amount available on contactless, which is currently set at £45.
These means that customers will be able to spend more money without need to a PIN number or signature.
Before the pandemic, the contactless limit stood at £30, but this was increased last Spring to help the public shop more easily.
This further increase is expected to help the struggling retail sector with its recovery as lockdown eases.
Mr Sunak told the Evening Standard: "London’s retail sector is famous across the world, with Oxford Street, Covent Garden and Westfield seen as global destinations for shopping.
"As we begin to open the UK 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 across the capital."
At the start of the coronavirus pandemic, around four out of every 10 debit card transactions were made using contactless payment.
This number rose to six in 10 by the end of September 2020.
The Chancellor will deliver his Budget at 12:30pm in the House of Commons today (Wednesday 3 March).