Interest in and trust of contactless payments, which allow payments to be made much faster and more easily, are growing steadily. Besides being secure, contactless payments offer users a hygienic payment experience and are becoming an indispensable part of daily life.
The Banking Regulation and Supervision Agency (BRSA) decided to update the contactless transaction limit for card payments to 750 Turkish Lira, effective 1 July.
In its letter to the Banks Association of Turkey (TBB), the Participation Banks Association of Turkey (TKBB) and the Interbank Card Center (BKM), the BRSA recalled that certain measures had been taken in the banking sector to prevent the spread of the novel coronavirus (Covid-19) in Turkey.
It was announced that the contactless transaction limit for card payments, previously raised to 250 Turkish Lira, was updated to 350 Turkish Lira on 7 May 2021 and to 500 Turkish Lira effective 1 February, and that it has now been decided to update it again to 750 Turkish Lira, effective 1 July.
So, with a contactless transaction limit of 750 TL, will it be impossible to make transactions above 750 TL?
The most important feature and convenience of contactless transactions is that no PIN is entered. Transactions up to 750 TL can be made contactless and PIN-free; transactions above 750 TL can be made contactless with a PIN.
So how has the contactless transaction limit changed in recent years?
The contactless transaction limit, which was 90 TL until August 2019, was raised to 120 TL in August 2019. As of 18 March 2020, the contactless transaction limit had been raised to 250 TL. As of 7 May 2021, the contactless transaction limit had been raised to 350 TL. As of 1 February 2022, the contactless transaction limit had been raised to 500 TL.
