The Financial Conduct Authority (FCA) has announced that banks and payment providers that demonstrate strong fraud controls will be allowed to set their own limit for contactless payments, giving way to greater flexibility in responding to consumer demands.
Payments providers are also being encouraged to allow consumers to set their own limits, including having the option to remove the limit altogether.
This is so stupid. Trying to move the economy with such a small needle, most people are just going to leave it at the default and actually, everyone who wanted no limit is probably using their phone to pay already.
Regulator should be encouraging “use alternative payments” things (like having banks give a little money to use Apple/Google Pay for a while).