Visa supports move in Saudi Arabia to increase PIN-free transactions

Visa has announced it welcomes the Saudi Arabian Monetary Authority’s (SAMA) move to increase the card verification method (CVM) limit for contactless transactions in the Kingdom to SR300 ($80) from SR100. The 200 percent increase in the PIN-free transaction limit will allow consumers to simply tap-to-pay using their card, mobile phone or contactless wearable device for larger purchases. Visa is working closely with local bank partners and merchants to implement the new limit on Visa contactless cards in Saudi Arabia, which is in line with SAMA’s efforts to help stop the spread of COVID-19.

The move also aligns with similar changes in the Middle East and North Africa region where Visa has been working with local governments to help increase the limits to support the growing appetite for contactless payments.

“Today, with more consumers and merchants relying on contactless technology to pay and be paid, the new PIN-free limit is a positive move by SAMA. It will allow larger everyday purchases to be made using this fast, easy and secure way to pay, and will even further support merchants and front-line staff working during these challenging times,” said Ali Bailoun, Visa’s general manager in Saudi Arabia. “Visa is working with our local bank and merchant partners to implement the new central bank-mandated limits for Visa cardholders that will facilitate the continued growth of highly secure and convenient contactless technology in Saudi. We remain committed to driving innovation and offering consumers and merchants the best way to pay and will continue to work closely with our partner banks in driving initiatives that benefit cardholders shopping from home during this time.”

Contactless technology provides the fastest, most convenient and highly secure way to pay for both consumers and merchants, enabling simple “tap” payments. According to a 2019 Visa-SAMA study, about 87 percent of people in Saudi Arabia who already use contactless payment technology trust this payment method. More than 82 percent of transactions in Saudi Arabia are already made with contactless technology.