The spending limit of contactless payment transactions has risen to £30 from today (1st September).
Previously, contactless spending was limited to purchases up to the value of £20 per transaction. Contactless payment allows shoppers to pay for goods or services by tapping their debit or credit card onto a card terminal without having to input their PIN. Contactless payment has become increasingly popular amongst consumers, with contactless spending in the UK increasing by 560% in the last year alone, according to MasterCard.
The 2014 Local Shop Report found that 17% of convenience store retailers offered contactless payment in store. New figures on the prevalence of contactless payment are due to be released on 9th September at the launch of the 2015 Local Shop Report in Manchester. The threshold increase is not automatic - retailers will need to update the software on their terminals to allow for the change from £20 to £30. ACS encourages retailers to contact their point of sale device provider for more information.
The UK Cards Association has produced comprehensive guidance for retailers which contains further information about accepting contactless payments and can be viewed here: http://www.theukcardsassociation.org.uk/wm_documents/UK%20Cards%20Guide%20for%20Retailers%20Contactless%20FINAL.pdf. ACS members can attend the Local Shop Report 2015 Launch on the 9th September for free.
More information about the event and ticket reservations can be found here: http://www.acs.org.uk/acs-events/local-shop-report-launch/.
