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Having the right transaction limit helps people stock up on more essential items on each trip to public places without having to touch potentially infectious surfaces
Mastercard’s commitment to making transactions more convenient has taken on new urgency as the spread of Covid-19 highlighted the imperative for “contact-free” environments as much as possible.
As nations implement stricter containment measures to keep their citizens protected, Mastercard has taken a leadership role by consulting with governments and industry partners across the Asia Pacific region to ensure consumers have sufficiently high limits for contactless payments, said a press release.
Having the right transaction limit helps people stock up on more essential items on each trip to public places without having to touch potentially infectious surfaces, key in a PIN, handle cash or use a pen to process their payments.
It is also important for merchants and consumers to know that signatures are no longer required for card payments, which further reduces contact points and speeds up purchases.
Consumers simply need to look for the contactless symbol on the front or back of their cards to see if they can tap when they are checking out with their purchases.
For mobile devices, any change in limits has no impact on transactions or personal safety as a fingerprint, facial scan or PIN keyed into the device itself is still required and contact points are confined to the cardholder’s device.
“Face-to-face transactions still need to happen, even in times as unusual as now. Making them as fast and contactless as possible is one way to help people to be more socially responsible, support local businesses and protect everyone in the community when they need it the most,” said Sandeep Malhotra, executive vice president, products & innovation, Asia Pacific, Mastercard.
As of February 2020, contactless payments made up approximately 50% of Mastercard’s global card-present purchases, excluding the United States.
Bangladesh Bank also increased the contactless credit card limit to Tk5,000 on March 19.
(DT)
