MNB instructs bank card companies to raise contactless PIN limit
The National Bank of Hungary (MNB) on Friday instructed bank card companies to raise the limit of purchases with contactless cards requiring PIN entry from HUF 5,000 to HUF 15,000, according to a report by state news wire MTI.
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Raising the limit would boost the number of contactless card transactions that do not require entering a PIN to 670 million or close to 90% of the total, the MNB said.
Supporting the more intensive use of electronic payment solutions further reduces physical contact between people, contributing to the containment of the coronavirus.
In a video posted on his Facebook page on Saturday, Finance Minister Mihály Varga said using bank cards, mobile phones or smartwatches to pay for purchases, instead of cash, can be an important step in the fight against the coronavirus.
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