A new era of contactless payments begins
A letter sent by the Banking Regulation and Supervision Agency (BDDK) to banks in April stated that the passwordless transaction limit for contactless card payments would be increased from 750TL to 1,500TL.
As of today, a new era of making contactless payments with credit cards without the need for a password has begun, and on July 1, 2022, the limit for contactless transactions will be increased to TL 750, and two years later to TL 1,500.
Its importance has increased during the pandemic
2020 saw the rise of contactless payment methods due to the coronavirus pandemic, and consumer sensitivity to hygiene led to increased demand for safe payment methods.
It was expected that the BRSA’s increase in the limit for contactless credit card payments that do not require a password to 1,500 TL in two years’ time would bring some convenience to users, but some commented that the decision was linked to the excessive increase in commodity prices due to the effects of inflation.
