DEVELOPING: Unlimited Contactless Cards Spark Widespread Financial Risk

BREAKING NEWS UK's Financial Regulator Proposes Unlimited Contactless Cards, Sparking Widespread Financial Risk The UK's financial regulator has proposed allowing banks and card providers to set their own contactless limits or remove them entirely. This move could lead to spontaneous spending sprees, as consumers may no longer have the timely prompt of entering a four-digit PIN for purchases over £100. Critical Details The proposal, which is expected to be finalized later this year, would increase the risk of debt-fueled purchases and potentially harm millions of UK citizens. The current limit of £100 has been in place since October 2021, but some experts warn that removing or increasing this limit could lead to reckless spending. Background Context Contactless payments have become a staple of everyday life for millions of people worldwide. Introduced in the UK in 2007 with a transaction limit of £10, the threshold has increased several times, including significant jumps during the pandemic. Current Status and Next Developments The proposal is currently under review, with a final decision expected later this year. Banks and some consumers are divided on the issue, with some arguing that individuals should be able to set their own contactless limits. This is a Developing Story We will continue to provide updates as more information becomes available. In the meantime, experts warn of potential financial risks associated with unlimited contactless cards. *This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*