Following the Government’s recent spring budget statement, the legal limit for contactless payments is set to increase from £45 to £100 per transaction. This will allow individuals to spend up to £300 before a PIN is asked for.
The increase comes less than a year after the raise from £30 to £45 due to the Covid-19 pandemic and the move away from cash payments. Chancellor Rishi Sunak said: "As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping”.
Research carried out by new NFSP partner SumUp in 2020 showed that the tourism industry saw a 495% increase in cashless transactions compared with 2019, and grocery stores were up 252%.
With contactless payments becoming more and more popular, having a good card reader is essential for any business. The NFSP have partnered with two card reader providers, Handepay and SumUp, who offer a variety of card payment services.