Visa supports UAE's move to increase contactless payments limit

Friday 1 May 2020 09:40 CET | News

Visa has announced it will support the UAE Central Bank’s decision to increase the CVM limit for contactless transactions from AED 300 (EUR 75) to AED 500 (EUR 125).

According to Arabian Business, the 67% 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 UAE. 

Additionally, statistics show that more than 50% of card transactions in the UAE are contactless, and about 80% of UAE residents who use contactless payment technology trust the method, Arabian Business reports.

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Keywords: Visa, UAE, contactless payment, cards, Tap-to-Pay, merchants, wearable devices
Categories: Payments & Commerce | Cards
Countries: United Arab Emirates
This article is part of category

Payments & Commerce