CIBC raises transaction limit for customers making contactless payments with a mobile phone or smartwatch

CIBC raises mobile wallet and smartwatch contactless transaction limit
CONTACTLESS: CIBC customers can now use their mobile wallets in-store for purchases of up to C$250

Customers of CIBC can now make purchases of up to C$250 (US$196) with their debit card using Apple Pay, Samsung Pay or Google Pay following a 150% increase in the Canadian bank’s transaction limit for in-store payments with a mobile phone or smartwatch.

“The change, now effective, increases the contactless debit payment limit for mobile wallet transactions from $100 just in time for the holiday season, offering clients greater convenience when shopping at local retailers for gifts or [when] dining,” CIBC says.

“Plans are underway to increase tap limits on physical debit cards in 2021.”

The bank has also enabled customers to add their credit cards from the CIBC mobile banking app to Google Pay without having to manually enter their card details and increased the limit for its Interac e-transfer service to C$10,000 (US$7,827) per transaction.

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