Visa welcomes UAE Central Bank’s move to increase the Card Verification Method (CVM) limit for contactless transactions in UAE to AED 500 from AED 300. The 67% increase in the PIN-free transaction limit will allow consumers to tap-to-pay using their card, mobile phone or a wearable device for larger purchases. Visa is now working with local bank partners and merchants to implement the new limit on Visa contactless cards in the UAE.
This move is in line with similar changes in the Middle East and North Africa region where Visa has been working with local governments to increase the limits to support the growing appetite for contactless payments.
Contactless technology provides the fast, convenient and secure way to pay for both consumers and merchants, enabling simple ‘tap’ payments. According to a 2019 Visa-DED Stay Secure study, about 80% of people in the UAE who already use contactless payment technology trust this payment method.
“The UAE Central Bank’s decision to increase PIN-free limits for contactless transactions in the country will allow larger everyday purchases made using this easy and secure way to pay. It will further support merchants and front-line staff working during these challenging times. We are working with our local bank and merchant partners to implement the new central bank-mandated limits for Visa cardholders. It will facilitate the continued growth of highly secure and convenient contactless technology in the UAE,” says Shahebaz Khan, Visa’s general manager for the UAE.
“The UAE has always maintained an appropriate limit for PIN-free contactless payments – for instance, the previous limit of AED300 captured over 90% of tap to pay transactions in the UAE. Today, with more consumers and merchants relying on contactless technology for payment transactions, the new PIN-free limit is a positive move by the UAE Central Bank and reflects its responsiveness to consumer needs and evolving market conditions,” adds Khan.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha B / 
The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
/ 
In an exclusive interview with IMAGES RetailME, Sadique Ahmed, CEO of Pathfinder
The Dubai Duty Free (DDF) has recorded sales of $1.94 billion up
In an exclusive interview with IMAGES RetailME, Driss Iziki, MEA Operations Director
By harnessing the power of artificial intelligence (AI), data and digital innovation,
In an era where digital transformation is pivotal, shopping malls are not
This panel discussion at MRF 2024 explored the balance between digital-first brands
At MRF 2024, Zebra Technologies showcased their AI-powered ‘store of the future’,
This session at MRF 2024 focused on the pivotal role of omnichannel
An exclusive piece contributed By Oliver Morgan, Partner, Real Estate Development &
In the bustling retail environments, where shopping malls are not just places
Blue Yonder, a leader in supply chain and retail solutions, brings unique
Previous Article
