MasterCard & Visa Up Canadian Contactless Transaction Limits

Tuesday, June 2nd, 2020

Since 2011, cash payments have been steadily decreasing in Canada. The coronavirus has accelerated the drop even more. If you need a more detailed image of contactless transactions in Canada and want to know who can help you with a reliable Canadian merchant account, read below.

Contactless Payments & Canadian Merchant Account

The COVID-19 virus has resulted in major changes in the payment cards market. Since people aren’t willing to use cash, which is less hygienic and safe as compared to contactless payments, cash is losing its role more rapidly than expected.

Worldwide, contactless adoption is increasing faster than anticipated before the coronavirus. Major payment networks such as Visa and MasterCard are offering new solutions to save the situation. They’ve decided to set higher limits for contactless card spending.

Given the growing changes in payments, it’s vitally important to work only with a reputable payment processor in your field. For this, you just need to apply to a respectable payments comparison specialist like BestPaymentProviders.com.

Best Payment Providers U.S. is concentrated on terms, complaints, as well as the integration process offered by processors to guarantee the most unbiased review of card processing companies at the time of writing. BestPaymentProviders.com can help you find the cheapest, most advanced and secure credit card processing services, including a Canadian merchant account, for your own financial needs.

Canadian Contactless Transaction Limit Set Higher

MasterCard and Visa have thought a way out. The payment giants have increased the limits of contactless payments in cooperation with their partners in Canada. This way, they want to help retailers more easily accept contactless payments.

The value is set $250 (US$176) from C$100 (US$70). Thanks to the higher limit, consumers in Canada can make less contact with POS devices and other surfaces.

According to the Bank for International Settlements, other regulatory authorities in payments, banks and card networks in Austria, Germany, Hungary, Ireland, the Netherlands, and the U.K. have increased the contactless payment limits as well.

So, contactless payments are growing with more rapid advanced than expected. MasterCard and Visa have raised the limits of contactless transactions from C$100 to C$250. Thus, they want to help consumers avoid the unnecessary use of cards.