Millions of people in the UK will soon be able to set their own contactless card payment limits or even have no limit at all, as the Financial Conduct Authority (FCA) has confirmed that the £100 contactless card limit will be lifted from March.

According to the FCA, banks and card providers will be given the power to set a maximum - or unlimited - single payment amount without the need to enter a four-digit PIN. The regulator is also encouraging banks to allow cardholders to set their own individual limits, or switch off contactless entirely. Some banks already offer this function, which allows customers to control their spending and prevent unauthorized transactions.

The move comes despite the FCA's own survey showing little appetite among consumers and industry representatives for the change. However, the FCA believes that giving customers more control over their contactless spending will be beneficial in the long run. "We are giving consumers more control over their spending and helping them to make informed decisions about their finances," said an FCA spokesperson.

The lifting of the £100 contactless card limit is a significant development in the world of contactless payments. According to the FCA, contactless payments have become increasingly popular in recent years, with millions of people using them to make everyday purchases. However, the lack of a limit on contactless payments has raised concerns about the risk of unauthorized transactions.

The FCA's decision to lift the limit is part of a broader effort to promote financial inclusion and protect consumers. "We are committed to ensuring that consumers have access to safe and convenient payment methods," said the FCA spokesperson. "By giving consumers more control over their contactless spending, we are helping to promote financial inclusion and prevent financial harm."

The lifting of the £100 contactless card limit is set to take effect from March, and banks and card providers are expected to begin implementing the changes in the coming weeks. Consumers are advised to check with their bank or card provider to see if they will be offering the new feature.

In related news, some consumers have expressed concerns about the lifting of the limit, citing the risk of unauthorized transactions. However, others have welcomed the change, saying that it will give them more control over their spending. "I think it's a good idea to give consumers more control over their contactless spending," said one consumer. "It will help me to keep track of my spending and prevent unauthorized transactions."

The FCA's decision to lift the £100 contactless card limit is a significant development in the world of contactless payments. As the use of contactless payments continues to grow, it will be interesting to see how consumers adapt to the new feature and how banks and card providers respond to the changing landscape.

Sources:
- BBC Technology: "£100 contactless card limit to be lifted from March"
- BBC Business: "£100 contactless card limit to be lifted from March"