The UK Cards Association has announced that the spending cap for contactless payments will be raised to £30 (US$45/€40) from September.
The decision to raise the limit from £20 follows a sharp increase in usage by UK consumers, from transactions totalling £653m in 2013 to £2.32bn last year.
The popularity of contactless payments has surged since London transport users were permitted to use them in place of Oyster cards on the Underground, buses and other services.
“Contactless has now firmly stepped into the mainstream,” said Richard Koch, head of policy at the UK Cards Association.
“With usage soaring every month last year, we’ve seen people flocking to contactless payments as they switch away from cash.”
The UK first introduced contactless cards in 2007, with the payment cap initially set at £10.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.