The limit on a single payment using contactless technology could rise to £100 – more than double the current limit.
The coronavirus pandemic has led to larger amounts spent via contactless payments, either using cards or devices such as smartphones.
It has been less than a year since the limit was raised from £30 to £45.
The Financial Conduct Authority (FCA) said it would consult “shortly” on a change in the rules.
“It is important payments regulation keeps pace with consumer and merchant expectations,” the regulator said.
“Recognising changing behaviour in how people pay, as part of a wider consultation, we will shortly be seeking views on amending our rules to allow for a possible increase in the contactless limit to £100.”
The FCA can set the boundaries for payments, under its rules, but the card issuers would have the power to set the actual limits.
To protect workers and consumers during the covid outbreak, an increase to the current limit of £45 was rushed through by the regulator in April last year.
The amount spent on contactless hit a monthly record in August, boosted by the Eat Out To Help Out scheme and fewer coronavirus-related restrictions.
A total of £8.4bn was spent on credit and debit cards using contactless during that month.