Central Bank’s move to increase limits for contactless transactions gets support


April 29, 2020 | By RetailME Bureau

 

Visa welcomes UAE Central Bank’s move to increase the Card Verification Method (CVM) limit for contactless transactions in UAE to AED 500 from AED 300. The 67% increase in the PIN-free transaction limit will allow consumers to tap-to-pay using their card, mobile phone or a wearable device for larger purchases. Visa is now working with local bank partners and merchants to implement the new limit on Visa contactless cards in the UAE.

This move is in line with similar changes in the Middle East and North Africa region where Visa has been working with local governments to increase the limits to support the growing appetite for contactless payments.

Contactless technology provides the fast, convenient and secure way to pay for both consumers and merchants, enabling simple ‘tap’ payments. According to a 2019 Visa-DED Stay Secure study, about 80% of people in the UAE who already use contactless payment technology trust this payment method.

“The UAE Central Bank’s decision to increase PIN-free limits for contactless transactions in the country will allow larger everyday purchases made using this easy and secure way to pay. It will further support merchants and front-line staff working during these challenging times.  We are working with our local bank and merchant partners to implement the new central bank-mandated limits for Visa cardholders. It will facilitate the continued growth of highly secure and convenient contactless technology in the UAE,” says Shahebaz Khan, Visa’s general manager for the UAE.

“The UAE has always maintained an appropriate limit for PIN-free contactless payments – for instance, the previous limit of AED300 captured over 90% of tap to pay transactions in the UAE. Today, with more consumers and merchants relying on contactless technology for payment transactions, the new PIN-free limit is a positive move by the UAE Central Bank and reflects its responsiveness to consumer needs and evolving market conditions,” adds Khan.

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