Shoppers will be able to spend £100 with a tap of their bank card from Friday.
The new contactless limit is being increased from £45 and customers will be able to make up to five transactions, worth up to £300, without being asked to enter their Pin.
Some experts fear the new limit will lead to a rise in fraud and overspending.
The contactless limit is being increased from £45 and customers will be able to make up to five transactions, worth up to £300, without being asked to enter their Pin
Certain banks will let you reduce your contactless card limit or even switch it off altogether.
From Friday, Lloyds, Halifax and Bank of Scotland customers will be able to set their own contactless limit to between £30 and £95 (in increments of £5) online or via their mobile phone app.
They will also be able to turn the contactless function on and off as they please. You can also change your limits in branch or by phone.
Nationwide will also allow customers to switch off the contactless function on their card online or via their mobile app from Friday. You can also request a non-contactless card.
Barclays does not allow you to set your own contactless limit but you can specify how much you want to spend in any single card transaction using the app.
NatWest customers can turn off the contactless function using its app but cannot set new limits.
The Financial Conduct Authority says it will keep a close eye on data to see if the change leads to a rise in fraud.
A spokesman says: ‘Fraud-rate data suggests there to be no significant increase in contactless payment-related fraud since the limit increased to £45 in April 2020.’
