Responses to a Financial Conduct Authority (FCA) consultation over the spring showed that only one in five banks were in favour of amending the contactless limits with 80% against the plan.

More than half of banks said that they wanted no change to contactless limits due to concerns about potential fraud increases.

The public were also negative about the proposals with only 22% of respondents wanting to remove the £100 cap on contactless payments.

But the regulator plans to go ahead, claiming there was ‘a low risk of increased fraud associated with our proposed changes to the contactless payments exemption’. The onus will be on the banks as PSPs as ‘they are liable for reimbursement for unauthorised payments’.

Where