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Visa supports increase in PIN-free contactless transactions
Visa, Kyiv, Ukraine,
Apr 13, Wed, 2020
Visa (NYSE: V) today announced it is supporting an increase in the Card Verification Method limit to 1500 Hryvnjas in Ukraine, allowing consumers to simply tap-to-pay using their card, mobile phone or contactless wearable device for larger purchases. The increased PIN-free limit is a 50% increase from the previous amount of 1000 Hryvnjas, giving Ukraine consumers even more convenience for more everyday transactions.
Contactless cards use the same dynamic EMV® Chip security as contact chip, and each transaction includes a unique one-time code, ensuring stolen information cannot be used to create counterfeit cards. Contactless technology provides the fastest, most convenient and highly secure way to pay for both consumers and merchants, enabling simple ‘tap’ payments. The increase will continue to improve consumers’ shopping experience.
“When consumers tap-to-pay they love the smooth, fast and secure experience. In Ukraine, over 52% are already being made with the use of contactless payment instruments, and we know that people want to use contactless to shop now more than ever,” said Vira Platoniva, Visa’s Senior Vice President. “We’ve always remained committed to driving innovation and offering consumers and merchants the best way to pay, and are looking forward to supporting the growth of highly secure contactless technology further by increasing payment limits in Ukraine.”
Visa values the support of governments and the broad payments industry in enabling limits to be increased. It will now work closely with retailers and partners in financial services to implement the necessary technical changes at point-of-sale.
In addition to convenience, contactless cards using Visa Easy Payment Service experience some of the lowest fraud rates of any type of payment, and fraud rates at point-of-sale remain at historic lows in countries where contactless payments are widely used.
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About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.
Corporate Communications Director, Visa CEMEA
+38 (044) 22-00-300