Card providers are set to be given the powers to abolish limits on contactless payments.

Card providers are set to be given the powers to set their own limits on contactless payments, which are currently set at £100, under proposals set out by the City regulator.

The Financial Conduct Authority (FCA) has revealed that it will consult industry on whether the rules should be relaxed as part of its task to support growth and innovation.

The plans would allow card providers such as American Express and Barclaycard to set their own limits for contactless payments – or abolish them altogether.

The regulator said it wanted to offer financial companies greater “flexibility” over the £100 limit.

David Geale, executive director of payments and digital finance at the FCA, said “smarter pay

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