Contactless shopping PIN-free payment limit is changing

For contactless payments made using cards or mobile devices, the transaction limit that does not require a PIN is being increased as of January 15. The PIN-free payment limit, which was previously 1,500 TL, will be raised to 2,500 TL with the new decision. This regulation aims to provide more convenience for users who prefer contactless transactions.

According to the notification made by the institution overseeing the banking sector, the PIN-free contactless payment limit, which was raised to 1,500 TL in July of last year, has been updated after approximately one and a half years. The new limit, which will begin to be applied from January 15, will be offered to all customers by banks and payment institutions.

Increasing the opportunity for PIN-free contactless payments provides practicality and time savings for consumers, especially in moments requiring quick shopping, while also being regularly updated in terms of security requirements.

Looking at European countries, the PIN-free contactless transaction limit is applied as 100 pounds in the United Kingdom, and 50 euros in France, Italy, Spain, Portugal, Greece, and Germany. In the United States, there is no standard for this; each bank can determine its own upper limit.

In Turkey, the contactless and PIN-free payment limit remains at a mid-to-high level when compared to other examples in the world. How the new application will create a change in the shopping habits of users will become clear in the coming period.

News Source: 12punto