Raising Contactless Payment Limits
‘Separated for a moment to always be together’ is a slogan by one of the United States leading fast food chains. It seems to have greater relevance than ever as we collectively fight the battle against the COVID-19 global pandemic. When we overcome this adversity, we’ll forever be conscious of this highly contagious virus and know that every little bit to help limit its spread will be encouraged. In retail, one area now being addressed is that of the present contactless transaction limit. In the last few days, many countries across the globe and states including Georgia, Illinois, and California have increased their local payment limits to allow more hygienic, lower risk transactions by that of contactless payments. By simply removing the need to enter a PIN number via the PIN pad, the risk of contamination to the customer is alleviated.
The Credit Card Companies Increases their Contactless Payment Limit
The U.S. was behind on the frictionless and contactless payments movement, but now the convenient option has turned into an absolute necessity overnight. As of April 2, 2020 Mastercard, and Visa increased their tap and go limit from $100 to $200. This was done to further reduce the need to touch a payment terminal and to help battle the spread of COVID-19. The United Kingdom raised theirs to £50 on 1st April 2020. It remains to be seen how long it will take to implement given the massive strain that the retail industry is under.
The U.S. is taking the initiative to increase the safety of its citizens and visitors while they’re shopping or simply grabbing something eat. Of course, transaction security and the physical security of the payment terminals themselves are paramount for both the consumer and the financial institutions. Contactless payments at the point of sale experience some of the lowest fraud rates of any payments according to Charlotte Hogg, CEO of Visa Europe.
Electronic wallets allow for contactless payments with a higher transaction limit and, in theory, Apple Pay has no ceiling although some retailers place their own in-store limit.
We absolutely support this initiative. Mounting a payment terminal provides greater accessibility for all with less reason to handle the terminal or PIN pad compared with one just placed on a countertop. Whatever type of payment terminal you use, SpacePole has trusted, proven and secure card reader stands and mounting solutions for all static and mobile payment applications.
Supports This Initiative And Are Here To Help And Advise
Ensuring everyone does their bit to reduce the effects of the Coronavirus pandemic is the responsibility of us all. Simple and small steps such as raising the contactless limit would help us to be more hygienic and lessen the risk of spreading the virus in retail, an issue that should not be ignored. Please contact us if you have any questions at firstname.lastname@example.org or via our contact page here.