Mastercard has announced that it is championing efforts to increase contactless payment limits across the Middle East and Africa (MEA) region as people look for safer ways to pay in the wake of the COVID-19 pandemic. The initiative is in line with recommendations from global and regional health authorities and governments to practice social distancing that has led a growing number of merchants to encourage consumers to pay with contactless over cash to avoid human-to-human contact.

Globally, Mastercard has been spearheading the transition to contactless for over 15 years. In MEA, the company has worked with various industry partners and sectors in multiple markets to increase the use of digital and contactless payment technology in an effort to enhance safety, security, speed and convenience in the payment experience for cardholders. In 2019, the MEA region saw >200% growth in contactless transactions. Today almost 1 in 9 Mastercard transactions at point-of-sale (POS) terminals in MEA are contactless.

Central banks across the region in Saudi Arabia, Qatar, Bahrain and Egypt have already increased the cardholder verification method (CVM) limit, which will ultimately improve purchase experiences for people across the region, making them safer and more convenient for consumers and businesses alike. Mastercard is working swiftly with all financial institutions, issuers and merchants to ensure this update is executed securely for shoppers in the region.

© Pakistan Press International, source Asianet-Pakistan