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Success for contactless payments since the ceiling was raised to 50 euros

Published May 29, 2020 - 2 mins reading time
Bank watch
On May 11, the contactless payment limit was officially raised from 30 to 50 euros. The project had been on the drawing board for some time, but the health crisis helped speed up its launch.

15% more contactless transactions

The increase in the contactless payment ceiling has been both a technical and commercial success. Between May 11 and 14, GIE Cartes Bancaires (GIE CB) recorded more than 3 million transactions for amounts between 30 and 50 euros, representing a 15% increase in additional contactless transactions. Nearly 80% of everyday bankcard payments are for less than 50 euros, and can now be made this way.

An increase in the contactless payment ceiling had been envisaged for several months, but the current health situation has made it possible to bring it forward by a few weeks. Considered as a barrier gesture in the face of the Covid-19 pandemic, this method of payment is now favored by the French.

70 million bankcards set up

GIE CB points out that the configuration of 70 million bankcards and 1.7 million contactless payment terminals began in April. At present, almost 90% of bankcards comply with the new limit. Card switching has been automatic at some banks, notably BNP Paribas, Crédit Agricole and BPCE. Customers like those at Société Générale have had to enter their code at least once to be able to pay for their purchases in contactless mode. Finally, several neobanks have announced that they will be upgrading their cards in the coming months.

Towards a cashless world?

In the face of the coronavirus, retailers are encouraging contactless payment and online transactions are multiplying to limit transmission of the virus. However, cash payments do not appear to be threatened, according to the Fédération des entreprises de la sécurité fiduciaire (FEDESFI), which noted a 20% increase in cash orders in the two weeks preceding the implementation of decontamination. For their part, cash dispensers report that the volume of withdrawals on May 12 was almost equivalent to that recorded a year ago.

FEDESFI reminds us that retailers cannot refuse cash payments for health reasons. In the event of refusal, they incur a fine of 150 euros. The Federation recently referred the matter to the DGCCRF, pointing out that certain players are "taking advantage of the health context to engage in unfair competition".