Behold all contactless payment fans in the UK, the payments cap is set to rise on September 1st by an extra £10 to £30 per day.
With contactless payments becoming much more popular, the decision made sense as over £2.32 billion was spent last year via contactless means, compared to £653 million the year before.
The increase in daily payments will also apply to Apple Pay and the upcoming Android version, Android Pay.
Visa welcomed the move, claiming that this will benefit retailers across the country.
“We believe that the new threshold increase to £30 could be the most significant to date, and has the potential to essentially redefine contactless usage. With contactless now accounting for one in 11 in-store Visa transactions, and Britons increasingly embracing the technology, our data shows that the rise could impact as many as 3 million Visa transactions per day in the UK, for a total of over £70 million.” (Kevin Jenkins, Visa)