Additional convenience for users of Mastercard contactless payment – up to 3,000 RSD without PIN code

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Mastercard announced today that it will increase the amount that can be paid without contact, without the need to enter the PIN code at RSD 3,000. This change will come into force on April 12, 2019.

The planned increase in the non-contact payment limit without entering the PIN code to RSD 3.000 meets the needs and expectations of Serbian users who have accepted this type of payment technology. MasterIndex Serbia’s 2018 research on the financial needs and habits of card users showed that 55% of card users already pay without contact. Most of them (86%) use this option in supermarkets, followed by gas stations (38%) and small local markets (34%). MasterIndex confirms that every third user of contactless cards would feel safe and comfortable when paying bills up to 3,000 RSD without entering a PIN code, while 15% of users would like to pay without PIN code and amount to more than 3,000 RSD.

The current limit for non-contact payments without entering the PIN code of 1,500 RSD was established in 2008, when Mastercard is non-contact technology and available in Serbia. The current limit is among the lowest in Europe: higher limits exist not only in Western Europe (for example, in the UK, it is 30 GBF, ie about 4,000 RSD; in France and Ireland it is 30 EUR, or about 3,500 RSD), but already in Central and Eastern European countries (for example, in Lithuania, EUR 25 or RSD 3,000; in Poland 100 PLN, ie 2,800 RSD, in Romania 100 RON, ie 2,500 RSD).

Since its introduction on the market 11 years ago, Mastercard contactless payments have developed very rapidly, so that only during 2018, the use of contactless payments increased by 154%, which is above the European average of 98%. In September 2018, contactless payments accounted for 62% of all card payments in the country *, and Mastercard contactless cards are in circulation at 21 banks so that each user can choose exactly the financial product that best suits his needs.

Mastercard contactless payments are safe to use, just as with standard cards. The cards have an electronic chip as the most modern system of protection against unauthorized use. During each contactless transaction, a unique security code is created that can not be used for another transaction through the same card, and this code also guarantees that even if the card reaches the terminal several times, the user will be charged only one transaction. It is also important to note that contactless transactions can only be performed at registered POS terminals, which ensures that the user and his bank can monitor each transaction, with the potential for potential misuse being reduced to a minimum.

“The popularity of contactless technology is not only proof that Serbian consumers are open to innovation. It is also our pass to the world of full digital payments. Increasing the limit for contactless payments without entering a PIN code of 3,000 RSD will make contactless payments become even more convenient and more commonly used payment option among citizens, which in a wider picture speeds up the evolution towards digitization. We believe that the Serbian market is mature enough and ready for this change, “said Artur Turemka, general manager for the Balkan market at Mastercard.

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