THE contactless payment cap of £100 could be eased by letting banks set their own limits instead.
The Financial Conduct Authority (FCA) says allowing card providers to adjust the rules will make larger payments more convenient for shoppers.
As well as the limit of £100 per purchase, customers are currently unable to make more than £300 of touch-free payments in a single day.
The proposals are now open for consultation until October 15, with potential changes after that.
David Geale, the FCA’s executive director of payments and digital finance, said recent advances in smart technology and fraud controls had made such changes possible.
He explained: “While we wouldn’t expect to see immediate changes to the limits by firms, they would have the flexibility to make payments more convenient.
“People are still protected; even with contactless, firms will still refund your money even if your card is used fraudulently.”
Public feedback from an engagement paper launched in March suggested that the cap per transaction should rise to a figure between £150 and £250.
Currently, digital wallet users such as people with Apple Pay can already bypass the limit by using face ID or a passcode to make larger contactless payments.
The FCA is considering letting banks raise the £100 contactless payment limit, making bigger purchases easier for customers[/caption]
£86M FINE FOR SEWAGE
Water companies have been fined for failing to maintain wastewater systems and causing sewage spills[/caption]
ANGLIAN WATER and South West Water must pay a combined £86million in fines after botching their handling of wastewater.
Ofwat found the firms had failed to maintain their sewage systems, causing excessive spills.
Anglian Water must pay £62.8million, while South West Water was hit for £24million.
Ofwat said the firms did not have proper processes and oversight from their top management and boards.
The watchdog slammed the blunders as “unacceptable”, but both companies have promised to fix things.
WE DUN GOOD
DUNELM has posted a 3.8 per cent sales rise to £1.77billion for the year to June 28, despite rising costs and consumer spend pressures.
Profits climbed 2.7 per cent to £211million, with strong furniture sales and online orders.
Outgoing boss Nick Wilkinson praised the retailer’s focus on value, keeping price inflation “minimal” despite higher labour costs.
Next month, Clodagh Moriarty joins from Sainsbury’s to take over as chief executive.
CAR BONANZA
UP to 30million drivers might be in line for a payout over mis-sold car finance deals, according to the Financial Conduct Authority.
The regulator is launching a consultation on a redress scheme for motorists unfairly charged hidden fees and extra interest between 2007 and 2020.
FCA boss Nikhil Rathi said payouts for unfairly sold finance could be made in 2026.
