Now, while conducting contactless transactions up to $ 1,500, it is not necessary to enter the PIN code
Today, Visa announced an increase in the limit for contactless transactions, which does not require authentication of the cardholder. For Ukraine, this limit is now 1,500 hryvnia. This step will allow customers to pay for large purchases using a contactless payment card. The new payment limit without entering a PIN code is 50% higher than the previous one, amounting to 1000 hryvnias.
When using the solution of the Visa Token service (specifically, based on contactless payments by smartphones and smart watch), a PIN code is not required for any amount of transactions.
Visa Senior Vice President, CIS and Southeast Europe
Visa noted that they provide an opportunity to increase the support of governments and the cashless payment industry as a frontier. The next step is close cooperation with retail representatives and banks to implement the necessary technological changes at points of sale.
Note that contactless payments not only provide convenience to users, but also security. In countries where contactless payments are widespread, point-of-sale fraud is very low. EMV chips use dynamic protection, similar to contactless card contact chips. Each transaction generates a unique one-time code, which ensures that even in the case of theft, the information cannot be used to create a fake card.
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Earlier this year, Visa and a memorandum of cooperation were signed. The document provides for a series of events in the coming years, aimed at popularizing electronic payments in Ukraine.
Also inquiries: Pay without PIN: Review of contactless payment limits in the world