The legal limit on contactless payments is set to more than double from £45 to £100.
Mr Sunak is hoping the increased limit will help provide a boost for jobs and the UK’s retail sector.
While in the EU, Britain was bound by a £45 cap imposed on all member states.
Announcing the decision ahead of the Budget, the Chancellor said: “As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth across the capital.”
While the rules will legally change as of today, it is expected to take time for the necessary changes to be made to banking and retail software to implement the higher limit.
The Treasury said the banking industry was due to implement the £100 limit later this year.
More to follow…
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