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Visa cardholders in the UAE will only be required to enter their PIN for contactless transactions above 500 UAE dirhams.
Visa's new move is in accordance with the UAE Central Bank’s decision to increase the Card Verification Method (CVM) limit for contactless transactions in the UAE from 300 dirhams to 500 dirhams.
Central banks in Saudi Arabia, Kuwait, Bahrain, and Egypt have also increased the limits on contactless transactions before a PIN is required, effectively extending its speed and convenience to larger purchases.
Shahebaz Khan, Visa’s General Manager for the UAE, said: “The UAE Central Bank’s decision to increase PIN-free limits for contactless transactions in the country will allow larger everyday purchases to be made using this fast, easy and secure way to pay. It will even further support merchants and front line staff working during these challenging times.
According to a 2019 Visa-DED Stay Secure study, about 80 percent of people in the UAE who already use contactless payment technology trust this payment method.
With more than 50 percent of card transactions in the UAE already contactless, the increase in PIN-free transaction limits will continue to improve consumers’ shopping experience and reinforce their trust in the technology, Visa said.
(Writing by Seban Scaria, editing by Daniel Luiz)
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