Connect with us

Business

Britain may raise contactless ceiling after pandemic payment surge

Published

on

Britain may raise contactless ceiling after pandemic payment surge 1

By Huw Jones

LONDON (Reuters) – Britain will look into raising the limit on contactless payments from 45 pounds to 100 pounds ($137) to keep pace with a change in spending habits during the coronavirus crisis.

Shops have encouraged contactless payments to minimise physical interaction between people during the COVID-19 pandemic and raising the ceiling will be part of a wider examination of such changes, the Financial Conduct Authority (FCA) said.

“People are increasingly making use of contactless payments. It’s important that payments regulation keeps pace with consumer and merchant expectations,” the watchdog said in a statement.

The FCA also confirmed on Wednesday earlier proposals that banks should generally not enforce repossessions before April 1, but credit providers would be allowed to repossess goods and cars from Jan. 31 as a last resort.

Consumers struggling in the pandemic still have until March 31 to apply for a payment holiday for mortgages, personal loans, credit cards, store, cards, catalogue credit, motor finance, rent-to-own, buy now pay later, and pawnbroking, it said.

“If you apply by 31 March, you may be able to extend up to 31 July when all payment holidays will come to an end.”

The FCA said that customers, wherever possible, should use online services for their banking, to minimise contact with branch staff, some of whom have face abused for telling customers to wear a face covering.

“This is a matter of concern for the FCA and we wish to thank the frontline staff for their significant efforts to keep branches open during this challenging period,” it said.

(Reporting by Huw Jones; Editing by Louise Heavens and Alexander Smith)

Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Newsletters with Secrets & Analysis. Subscribe Now

Newsletters with Secrets & Analysis. Subscribe Now