From today, contactless payments of up to 25 euros may be made
16.10.2017
From today, contactless payments may be made for purchases of up to 25 euros.
“Every person can now make a contactless payment for any purchase whatsoever in the amount of up to 25 euros. Be it, for example, a lunch at a café or consumer products at a grocery,” said Meelis Nurk, head of the cards working group of the Estonian Banking Association. “It is certain to significantly increase the number of those making contactless payments,” he added.
Contactless cards make up 15 per cent of all the bank cards in Estonia. Banks believe that by the year’s end it will be possible to make contactless payments from about 80% of payment terminals and that by 2020 all terminals will have to enable contactless payments. Three quarters of payments made in shops in Estonia are under 25 euros. “The initial limit of 10 euros indicated that both clients and merchants are interested in contactless payments. Thus, banks, in collaboration with international card organisations, decided to raise the limit,” Meelis Nurk affirmed.
Among Estonia’s next-door neighbours, Latvia and Lithuania have also decided to increase the contactless payment limit to 25 euros. In Finland, the same limit has been introduced already. “Contactless payments can be executed only by special equipment whose use requires an agreement with the bank. In order for payments to remain secure, every now and then the PIN code has to be entered, also in the case of smaller amounts,” Nurk added.
Contactless payments help to save time and they are convenient. “Each contactless payment is made only once, and it takes place only when the card is placed within at least two centimetres of the payment terminal. The bank will not deduct the same amount from a card twice in a row,” said the head of the cards working group of the Estonian Banking Association, pointing to another concern voiced by clients.
All the Coop bank cards have the contactless payment option.
See also www.viipemaksed.ee.