Who invented the debit card PIN
Cards: The interesting facts about the increased limit for contactless payments
And what will really be adjusted by mid-April?
The contactless limit, or more precisely the contactless transaction limit, which defines how high a contactless transaction may generally be, is not adjusted. Payments over 80 francs can still be made contactless - simply by entering a PIN if you are using a payment card and not mobile payment.
In Switzerland and Liechtenstein, however, the merchant banks (acquirers) are in the process of increasing the CVM Required Limit from 40 to 80 francs on all payment terminals. This means that contactless payments at retailers of up to CHF 80 can be processed without entering a PIN. Carrying out the adjustments on each individual terminal takes some time, which is why the measures will take effect in the overall market in mid-April.
The duties of care with regard to the safekeeping and use of payment cards remain unchanged, and the adjustment of the limits does not result in any increased risks for end customers and retailers.
The author: Santosh Knight
Santosh knight is Country Manager Switzerland at Visa Europe. Previously, as a member of the management team, he was in charge of operational risk management for the card business at Viseca (formerly Aduno Group). Since 2012 he has been active in various functions at Aduno, including managing the operations center of the Acquiring & Terminal business in Ticino.
Before joining the Aduno Group, he worked, among other things, as a consultant and account manager for the French Altran Group and managed a major project for the European umbrella association of pharmaceutical research companies (EFPIA) in Brussels.
Santosh studied business administration at the Zurich University of Applied Sciences (HWZ) and completed his degree in business administration. He also completed a master’s course in Banking & Finance, also at the HWZ, and holds the title Master of Advanced Studies ZFH in Banking & Finance.
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