Contactless payments, the threshold increases

Contactless payments, the threshold increases
Facilitating cashless payments is the first fundamental step to increase adoption. If this is the objective, a key date will be January 1, 2021, when contactless payments will be possible up to a threshold of 50 euros against today's 25 euros.

January 1, 2021: contactless up to 50 euros

The decision was communicated jointly by Bancomat, VISA and Mastercard, the three most popular circuits by far and whose handshake actually generates a new market standard:

ATM , Mastercard and Visa, as the main payment circuits in our country, are thus committed to guiding the world of payments towards an important step that will mark a marked improvement in the daily lives of consumers.

Change is a lot as simple as radical: if the expense you are going to pay will be less than 50 euros, to make the transaction and it will be sufficient to place the card (or smartphone) on the POS without needing to dial any PIN. The payment will therefore be as simple as a cash payment, if not more: no obstacles, no friction, instantaneous process and no material exchange of banknotes (a significant element in a pandemic time).

Going from 25 to 50 euros implies the possibility of using contactless mode through the cards enabled in most of the transactions that can take place in the shop: when the shopping is small, the gesture will be simple and quick. For security reasons, however, the transaction will remain monitored by PIN when the figure is above 50 euros, but in all probability within a few years this additional barrier is also destined to fall in favor of a faster circulation of money .

Pay with smartphones, will be the most simple, the one who has a card will be facilitated and contactless will become the viaticum ideal to stimulate further the abandonment of the cash in perspective. Starting from small amounts, of less than 50 euro.

Source: Atm

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