Coronavirus: Mastercard increases contactless payment limits in MEA – The National

Coronavirus: Mastercard increases contactless payment limits in MEA – The National

Coronavirus: Mastercard increases contactless payment limits in MEA. The change allows customers to make higher-value payments without having to touch a keypad. Almost one in nine Mastercard transactions at point-of-sale (POS) terminals in the MEA region are contactless - a payment method that does not require a user enter a personal identification number or provide a signature.. "People are embracing these safe and hygienic solutions as their preferred form of payment every day," he added.. Last year, Mastercard saw a 200 per cent growth in contactless transactions in the MEA region, the company said.. The acceptable amount for a contactless transaction varies by country and by bank but regulators are now increasing the limit to widen the scope of contactless payments.. Central banks across the region - in countries such as Saudi Arabia, Qatar, Bahrain and Egypt - have increased the cardholder verification method (CVM) limit to further facilitate contactless payments.. Contactless payments for transaction amounts below the CVM limits do not require a physical PIN entry..