Banks, bank card companies back HUF 15,000 CVM limit

Banking

Photo by STEKLO / Shutterstock.com

Banks and bank card companies support maintaining the HUF 15,000 cardholder verification method (CVM) limit for contactless payments even though the threshold will no longer be compulsory from next year, the National Bank of Hungary (MNB) said, responding to a query by state news wire MTI.

Photo by STEKLO / Shutterstock.com

The government ordered bank and bank card companies to raise the purchase threshold for contactless payments that donʼt require cardholders to enter a PIN from HUF 5,000 to HUF 15,000 in the spring, reasoning that the measure would require less contact with the POS touchpad and prevent the spread of the coronavirus. The decree on the measure is in force until December 31, 2020.

MNB noted that close to 90% of transactions made with contactless bank cards are under the HUF 15,000 CVM limit, 28 percentage points more than when the limit was HUF 5,000.

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