The 67% increase will allow consumers to tap-to-pay using their card, mobile phone or wearable devices for larger purchases
Visa has welcomed the UAE Central Bank’s move to increase the card verification method (CVM) limit for contactless transactions from AED 300 to AED 500, the company has announced.
The 67 percent increase will allow consumers to tap-to-pay using their card, mobile phone or wearable devices for larger purchases.
In a statement, Visa said that it is working with local bank partners and merchants to implement the new limit on Visa contactless cards in the country.
Statistics show that more than 50 percent of card transactions in the UAE are contactless. A 2019 Visa-DED study shows that about 80 percent of UAE residents who use contactless payment technology trust the method.
“The UAE Central Bank’s decision to increase pin-free limits for contactless transactions in the country will allow larger everyday purchases to be made using this fast, easy and secure way to pay,” said Shahebaz Khan, Visa’s general manager for the UAE. “It will even further support merchants and front line staff working during these challenging times.”
In addition to the UAE, central banks in Saudi Arabia, Kuwait, Bahrain and Egypt have increased the limits on contactless transactions before a pin is required.