The Bank of Israel leaves the ceiling for making contactless payments at NIS 300

In May 2020[1], the Bank of Israel decided, in conjunction with the various actors in the payment card market as part of the payment card committee, to raise the verification limit when making contactless payments[2] at merchants that had completed the transition to EMV[3] from NIS 200 to NIS 300. The change was made in order to improve dealing with the COVID-19 pandemic, and in order to further reduce contact when making payment transactions. The change was to remain in effect until the end of 2020.

 

Approaching the date on which the transaction limit was to have returned to NIS 200, the Bank of Israel decided, within the payment card committee and in conjunction with the various actors in the payment card market, to leave the verification ceiling at NIS 300 for an unlimited time.



[2] A contactless transaction is a transaction in which no physical contact is necessary between the payment card and the merchant’s terminal.  The transaction is carried out using proximity technology.

[3] A collection of specifications developed by international organizations for payment cards with the aim of providing a uniform and secured format for transactions using payments card with chips (smart cards), ATMs, or a point of sale (POS) terminal supporting the standard.​