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Visa raises contactless transaction limits for Uzbekistan

Finance Materials 14 April 2020 11:11 (UTC +04:00)
Visa raises contactless transaction limits for Uzbekistan

BAKU, Azerbaijan, Apr. 14

By Ilkin Seyfaddini – Trend:

The company Visa announced that it is increasing the maximum amount in Uzbekistan for contactless transactions for which no PIN code is required to 500,000 soums ($52), Trend reports with reference to the press service of the company.

This allows consumers to make larger purchases in a simple and effective way, without having to type in a PIN code.

"The limit for payment was increased by 25 percent in relation to the previous sum of 320,000 soums ($33.2), which makes it easier for consumers in Uzbekistan to make daily transactions," the message said.

Contactless cards have the same EMV security chip as the ordinary cards, and each transaction includes a unique one-time code, which prevents the information from being misused.

"More than 24 percent of transactions in Uzbekistan are already made using contactless payment instruments, and we understand that this type of payment is now even more in demand, so Visa is making changes that are most comfortable for people. The next step is close cooperation with representatives of retail trade and banks for realization of necessary technical changes in points of sale," the report says.

In addition to convenience, contactless payments with Visa Easy Payment service have one of the lowest levels of fraud among all types of payments.

In countries where contactless payments are widespread, fraud rates at the points of sale remain extremely low.

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