Banks increase limits for contactless payments

With a large majority of Finns using the contactless payment system, the limit is doubling to €50.

File picture of contactless payment terminal / Credit: iStock

Customers in most Finnish banks can now use their bank cards to make contactless payments up to €50. 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.