Contactless payments up to USD 50 without PIN

Contactless payments up to USD 50 without PIN

Mastercard increases this limit twice this week Almost half of all payments in stores in Bulgaria in August 2018 are unconnected. As of April 12, the increase announced in September 2018 in the cardholder’s verification limitation (CVM limitation) for payments without contact with Mastercard and Maestro.

As a result of the change, cardholders in Bulgaria will be able to pay without entering a transaction PIN of up to 50 BGN. The change corresponds to cardholder needs, quoted by the company.

In the Bulgarian market, the size of contactless payments has increased considerably – 151% last year, which is considerably above the European average, with steady growth. By August 2018, 48% of all payments in stores in Bulgaria were without contact. It is expected that the traditional main index will record an even higher growth rate for the whole of 2018.

The rapid pace of growth shows that an issue is a number of years for a new generation of cards to fully cover the market. The average value of one transaction in the country is 58 kunas, which means that a new $ 50 limit is better adapted to the current financial needs of consumers and further shows the maturity of the Bulgarian market for this step.

The development of contactless technology enables its integration into phones and clocks, transforming them into digital portfolios. The mode of payment without contact in Bulgaria is most commonly used in retail chains, petrol stations, restaurants, cafes and fast food restaurants. Increasing the limit for checking payments without contact is a global trend.

Greater penetration of contactless payments is also directly related to the adjustment of mobile payments and their popularization in the country and abroad. Bulgaria is among the countries such as France, Austria, Germany and Italy with the highest limit of the value of contactless transactions, the card operator said.

Contactless payments up to USD 50 without PIN