Are you planning to take advantage of Easter free days to go shopping? If so, you should know that from today April 12 it is possible to pay up to 50 euros with the contactless cards issued by most banks.
Until now, the limit for this type of transactions was set at 25 euros and in order to pay higher amounts it was necessary to enter the card in the terminal and type the PIN.
Most of the banks want to apply this increase in the payment limit from today April 12, according to a survey carried out by the Finnish Federation of Financial Institutions (Finanssiala).
However, for the customers the generalization of this new limit will be gradual, since in some cases the payment terminals will be updated automatically, but others will require to be updated manually. Therefore, for some weeks it will still be possible to be asked to introduce the card in the terminal to pay amounts between 25 and 50 euros. If that happens, it will be because the store has not yet updated its terminal.
“Paying more than 25 euros for purchases can be successful at Easter week, but it is possible that it will be successful only after Easter,” explains Kirsi Klepp, Senior Manager of Finanssiala ry .
The reason for this is that the introduction of a higher payment limit may require the use of a chip and pin code in the cashier's terminal or ATM. If the payment terminal of the transaction is not updated, the limit will remain at 25 euros.
According to Finanssiala, the banks that will apply the new limit of 50 euros from April 12 are:
- Danske Bank
- My Savings Bank
- OP Group
- POP Bank
- Savings Banks
Depending on the card, there may be differences depending on, for example, debit or credit.
“There is a wide variety of different payment terminals and systems to be updated. We understand that some of the terminals will be updated automatically and some will have to be manually updated. If necessary, the merchant can request support from his own equipment supplier” says Kirsi Klepp.