Important new move builds on the phenomenal growth in use of contactless with Mastercard enabling businesses and retailers to implement limit increases quickly and efficiently to help people everywhere benefit from the fastest and simplest way to pay
Following the practice already implemented in 29 countries that have changed CVM limits in the previous period, Mastercard announces an increase in the CVM limit for contactless payments from RSD 3,000 to RSD 4,000 in Serbia as of April 15, 2020. Increasing the limit for contactless payments has the ultimately goal to improve consumers shopping experiences.
Across Europe, Mastercard has championed several initiatives which have seen a dramatic increase in the use of contactless cards and mobile devices and today 75% of all Mastercard transactions across Europe are now contactless. This increase in contactless limits will mean cardholders and shopkeepers will soon be able to make and receive more of their payments both quickly and securely, and without the need to enter a PIN or use cash.
“Mastercard was the first to grasp the potential and ensure all payment terminals became contactless ready from 1st July 2018. We have all now seen how quickly people have embraced contactless payments as their preferred way to pay every day. Today’s announcement is designed to reflect the pace of changing behaviors of the people we all serve giving them ease, speed and peace of mind in a fast changing world.” said Jelena Ristić, Country Manager for Serbia, Montenegro and Bosnia and Herzegovina.
Among the 29 countries, UK, Ireland, Estonia and Poland are leading the way with permanent changes to limits while the likes of Netherlands and Greece are implementing temporary limit raises to help their people shop easily during this difficult time.
As for the Serbian market, the increase of the limit is permanent, and it will also be implemented in Montenegro (from 25 to 40 EUR) and Bosnia and Herzegovina (from 30 to 60 BAM).