If you have a contactless card machine in your business you’ll soon have the option to accept contactless payments of up to £100 after the limit was raised in the Budget.
The increase (which takes effect later in the year) has come in response to the Coronavirus pandemic and following increasing signs that customers were ready to start using contactless for making bigger purchases.
The government, retail sector and the payments industry have been involved in a consultation on this issue for a while now, and we’re happy to see consumer demand for easier contactless payments being listened to.
Consumers are still being advised to pay for items using contactless payment systems when they can to help suppress the spread of the virus as the vaccine programme continues to roll out.
But we believe this change has been a long time coming as all the research shows consumers are now more comfortable with using contactless payments.
And not just from contactless cards.
Increasingly we’re hearing from our customers that more people are using mobile eWallets like Apple Pay, Samsung Pay and Google Pay.
It’s the second time since the start of the COVID-19 pandemic that the limit on contactless payments has been increased.
Last year it rose from £30 to £45.
The latest announcement means that the limit on contactless payment limits has increased by £80 in the last 5 years.
We know the new £100 limit will be welcomed by users of Handepay contactless card terminals, and we’ll be ready to roll out the new limit when it comes into action.
The rise has also been welcomed by others in the payments, finance and retail sectors.
UK Finance in particular welcomed the news saying it “is a great move for customers and will allow them to use contactless to pay for higher value transactions like their weekly shop or filling up their car with fuel.”
If your business doesn’t yet accept contactless payments, now is a great time to get started.
Adapt to consumer demand, and install a contactless card machine now to improve payment hygiene in-store.
We’re here to help with affordable contactless card machines. Our team of experts can help you choose the perfect solution. If you already accept contactless payments, we can help you to save money!
Get in touch today to find out more.