The contactless spending limit in France will increase from €20 (US$21) to €30 (US$32) at the end of this year. From March 2017, contactless payment terminals will be reconfigured to accept payments up to the new limit and, from October, new bank cards will be issued to consumers.
The increase was confirmed by Groupement Cartes Bancaires (CB), which organises payment services and card technology, and is aimed at encouraging more people to use their cards for small, day-to-day purchases. The current spending limit is €20.
The increase will be rolled out in several stages: from March to September contactless payment terminals will be reconfigured to accept the new limit, then from October new bank cards will be sent out to customers. However, because of the volume of cards required and a lag on the expiry dates for some cards, CB estimates that only 40% of customers will have their new card with the €30 spending limit by the end of 2018.
Cards currently in use will not be allowed to go beyond the current €20 spending limit.
Contactless payment is now well established in French shopping habits, accounting for 10% of payments by December 2016. Statistics from CB reveal that the most popular places to use contactless payment are supermarkets, followed by fast food restaurants and boulangeries.
UK was the first to increase the limit on contactless payments. Since September 1 – 2015, the limit increased from £20 to £30 per transaction.
Source: connexionfrance.com
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
