Mastercard announced, on Monday, it is raising current contactless payment limit in Egypt from EGP 300 to EGP 600.
The move comes as part of the company’s efforts to champion contactless payment limits across the Middle East and Africa (MEA) region. It also recognises a global move, particularly as consumers look for safer ways to make payments due to the ongoing coronavirus (COVID-19) pandemic.
The step is in line with the Central Bank of Egypt (CBE) decision to increase the cardholder verification method (CVM) limit. This will improve purchase experiences for people across the country, making them safer and more convenient for consumers and businesses alike. Mastercard is working swiftly alongside financial institutions, issuers and merchants to ensure this update takes place securely for the region’s shoppers.
“The initiative is in line with recommendations from global and regional health authorities and governments to practice social distancing that has led a growing number of merchants to encourage consumers to pay with contactless over cash to avoid human-to-human contact,” the company said in a statement.
Mete Guney, Executive Vice President of Services, Middle East & Africa at Mastercard, said the company is committed to offering safe, secure, and simple payment solutions across the region.
“In the current environment, we are grateful that contactless payments are available so consumers can follow social distancing recommendations, and that people are embracing these safe and hygienic solutions as their preferred form of payment,” he noted. “Today’s announcement reflects the pace of those changing behaviours, offering consumers ease, speed and peace of mind in a rapidly changing world. We will continue to work with our industry partners to guide and support them through this effort.”