FCA increases contactless payment thresholds

FCA has published a policy statement outlining the amendments to Article 11 of the  strong customer authentication RTS. The changes increase the single transaction threshold for contactless payments from £45 to £100 and the cumulative threshold  from £130 to £300 from 3 March 2021.

FCA consulted on these changes in CP21/3 on 28 January 2021. The policy statement contains a summary of the responses to CP21/3 and explains that the changes have been partly prompted by consumers’ increased reliance on contactless payments throughout the Covid-19 pandemic.