EBA recommends Europe-wide contactless transaction limit increase

The European Banking Authority has issued a statement urging the European payments industry to increase contactless transaction limits to €50 (US$54.97).

European Banking Authority

“Well-functioning payment services are vital at this time, and contactless payments should be stepped up to the threshold allowed under EU law,” the EBA says.

The EBA has “noted the importance of orderly payments services during this period”, it adds, and encourages consumers and merchants “to take sanitary measures and consider all payment options when paying in-store”.

It has also said that “it would allow payment firms to be exempt from so-called strong customer authentication (SCA), meaning more than one check on a customer’s identity to avoid fraud, up to the €50 ceiling,” Reuters reports.

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