Today, the U.K. Cards Association has announced that it will be increasing the transaction limit for contactless payment services like Apple Pay. As of today, contactless payments will have an new limit of £30, and the association has confirmed that this will extend all across the U.K over the next coming weeks.
From today (Tuesday, September 2015) the upper limit for contactless payments increases to £30. Payment terminals are being updated to accept the new limit from today (TUESDAY, SEPTEMBER 1, 2015) and over a number of weeks to ensure national coverage.
Contactless payments have grown significantly over the last couple of months. According to the U.K. Cards Association, contactless spending has risen from £287 million per month in January 2015 to £567 million in June 2015. In total, customers has spend close to £2.5 billion via contactless transactions in the first half of 2015, compared to £2.32 billion for all of 2014. Therefore, it only makes sense for companies to work on keeping that growth steady.
This update is important for services like Apple Pay, Android Pay and other NFC based mobile payment solutions. It also encourages users to use the NFC payment solutions over card payments.
Source: U.K. Cards Association
