Interest in and trust of contactless payments, which make paying much faster and easier, keep growing. Besides being secure, contactless payments offer users a hygienic payment experience and are becoming an indispensable part of daily life.
As part of its pandemic measures, the Banking Regulation and Supervision Agency (BRSA) has decided to update the contactless transaction limit for card payments to 500 Turkish Lira, effective 1 February.
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 a number of measures had been taken in the banking sector to prevent the spread of the novel coronavirus (Covid-19) in Turkey.
The letter notes that the contactless transaction limit for card payments, previously raised to 250 Turkish Lira, was updated to 350 Turkish Lira on 7 May 2021. It added that, with pandemic cases continuing, it has been decided to update the contactless transaction limit for card payments once again to 500 Turkish Lira, effective 1 February.
So, with the contactless transaction limit at 500 TL, will it be impossible to make transactions above 500 TL?
The most important feature and convenience of contactless transactions is that no PIN is entered. Transactions up to 500 TL can be made contactless and without a PIN; transactions above 500 TL can be made contactless with a PIN.
So how has the contactless transaction limit changed in recent years?
Until August 2019, the contactless transaction limit was 90 TL; in August 2019 it was raised to 120 TL. As of 18 March 2020, the contactless transaction limit was raised to 250 TL. As of 7 May 2021, the contactless transaction limit was raised to 350 TL.
