EBA urges Europe to increase contactless transaction limit

Friday 27 March 2020 12:53 CET | News

The European Banking Authority (EBA) has issued a statement urging the European payments industry to increase contactless transaction limits to EUR 50 (USD 54.97).

The EBA has stressed upon ‘the importance of orderly payments services’ during the coronavirus period, and encourages consumers and merchants ‘to take sanitary measures’, while considering all payment options when paying in-store.

Moreover, it has said that payment companies would be allowed to be exempt from so-called SCA, which means more than one check on a customer’s identity to avoid fraud, up to the EUR 50 ceiling. 

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Keywords: EBA, Europe, contactless transaction, payments , in-store, fraud, identity, merchants, coronavirus
Categories: Payments & Commerce
Countries: Europe
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Payments & Commerce

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