Customers in most Finnish banks can now use their bank cards to make contactless payments up to €50, according to newsnowfinland.fi. The previous limit was €25.
Banks that are introducing the new upper payment limit include OP, Nordea, Danske, S-Bank, Oma Säästöpankki, POP Bank, Handelsbanken and Savings Banks. Aktia and the Bank of Åland will introduce the new €50 limit later in the spring.
The new limit for transactions will go through if the payment terminal has had a software upgrade.
“There is a wide variety of different payment terminals and systems to be updated. We understand that some of the terminals will be updated automatically and some will have to be manually updated. If necessary, the merchant can request support from his own equipment supplier” explains Kirsi Klepp from the Federation of Finnish Finance Industries Finanssiala.
According to a study carried out by Finanssiala, 79% of Finns use contactless payments. Two years ago that figure was only 52%.
Young people are particular fans of the system, but older people are using it with 57% of 75-79 year-olds making contactless payments at check-out terminals.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”