Changes to contactless transactions – What will happen from September 14 for card payments

Strong Customer Authentication Eurpoean Legislation (SCA) 
Important changes are coming from 14 September in contactless transactions , and implementation will be the new European Union regulation “Payment Services”.

More specifically, from the 14th of the month all contactless transactions, up to the amount of 25 euros, without entering the terminal PIN (POS), with debit, credit or prepaid cards will be made up to a limit of 150 euros, cumulatively . Each time a transaction is made using a PIN code, the 150 euro limit will be set to zero. Therefore, unlimited sequential purchases will not be possible without the use of the PIN code.

Changes to online transactions
At the same time, there will be significant changes to online shopping. Specifically, these changes will be related to strong holder identification. Online purchases with debit, credit or prepaid cards should be made with strong customer identification at the time of purchase. Strong customer identification during the purchase will be achieved through: winbank web / mobile banking codes (something the customer knows) and SMS extraPIN or push notification (something the customer has or is).

It is noted that these changes in payments will be implemented in Greece as well as across Europe. These are new security requirements for transactions using payment cards.

The security requirements will apply to the following transactions:
Contactless card payments at merchant acceptance terminals (POS). The cardholder will be required to use the PIN (PIN) to complete his or her transactions when they exceed a certain amount or number.
Individual payments in an e-commerce environment. Strong identification of the cardholder for the needs of each transaction should be ensured. To this end, the recipient of card transactions (eg bank, electronic money institution, etc.) should work in a timely manner with his client businesses to adapt his systems to the new robust authentication environment without delay.
Standing orders (periodic payments upon customer authorization on online merchant platforms). In this case, too, the company that accepts periodic payment card payments on its platform must ensure strong identification of its holder and his transaction.
The member banks of the Hellenic Union of Banks have already taken the necessary steps to meet the new mandatory regulations above. Banking clients will receive more detailed information and further information from their co-operative banks.

What is changing in brokerage – Questions and Answers
What are contactless transactions?

Contactless transactions are the fast and secure way to shop with specialty technology cards bearing the mark. Contactless transactions allow the customer to make purchases by simply approaching their card at the appropriate payment machine (POS). Today if the amount is less than 25 €, you do not need to enter your PIN, while if the amount is more than 25 € you will be asked to enter your PIN.

What will change in contactless card transactions from 14/9?
There will be a limit on contactless transactions, without the use of PIN, cumulatively up to € 150. Once the limit is reached, PIN will be required to be entered into the POS card, even if it is less than € 25. Each time you make any type of transaction using a PIN, the € 150 limit will be set to zero.

Eg: If you have made contactless transactions, without using a PIN, for a total value of € 150 and then made a purchase of € 22, you will be required to register the PIN in the card acceptance machine (POS). You will then be able to continue your contactless transactions without using a PIN again, up to € 150.

The € 25 threshold is no longer valid? How much can I do without a PIN?
The limit of € 25 for each contactless transaction continues to apply. For transactions up to € 25, you do not need to enter your PIN. You will need to enter it as soon as the total amount of contactless PINs exceeds € 150 (cumulative).

Why does the € 150 limit apply to the total amount of card transactions without a PIN?
I want in all markets under € 25 not to put a PIN. This threshold (€ 150) has been set under the new European Payments Directive (PSD2) and is no exception. The Directive is intended to make payments safer, simpler and more efficient. This directive modernizes payment services in Europe for the benefit of both consumers and businesses. If you regularly trade with your card by typing in your PIN, such as cash withdrawals or ATM balance inquiries, or purchases over € 25, then you may not need to enter your PIN in transactions below € 25.

Does the € 150 limit on contactless transactions, without a PIN, apply to card transactions inside and outside the EU?
Valid for successive card contactless transactions only in countries within the European Economic Area (EEA).

If the € 150 limit on contactless transactions is reached without a PIN, and I do a non-EU contactless transaction, what will happen?
Your intangible transaction with a card outside the EEA will be executed as it has been so far, without being affected by this directive. The cumulative threshold of € 150 does not apply to transactions outside the European Union.

Is “zeroing” the EUR 150 limit on contactless card transactions done with each PIN transaction?
Yes, any transaction using a PIN in EEA countries, a trader or an ATM, resets the threshold.

Is the cumulative limit of € 150 on contactless card transactions limited by time?
It has no time limit. It resets any transaction with a PIN card at any time. B.C. if you have made contactless transactions without a PIN, totaling € 60 within 2 months, and then making a purchase with a PIN, the limit will be reset and the measurement will start from scratch.

I have an extra credit card. Will I have a common limit with the primary card for the amount of transactions without a PIN?
No, each card has its own limit.

I have an additional corporate debit card. Will I have a limit on the amount of transactions without a PIN with my other affiliate business cards?
No, each card has its own limit.

I have a debit, credit and prepaid card. Will I have a common limit for all my cards?
No, each card has its own limit.

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