Credit and debit tap limits increased to facilitate contactless payment options
As more businesses are reopening, there's a growing demand for contactless payment options in order to help prevent the spread of COVID-19.
As a result, Moneris, in conjunction with major credit card companies, has facilitated raising the tap limit for debit and credit cards from $100 to $250.
According to recent data, many Canadians have taken advantage of this new option.
Moneris data indicates contact-less transactions over $100 made up approximately 40 per cent of all eligible transactions between May 24 and 30.
Additionally, that number is growing as more businesses begin to reopen.
As of June 7, the average payment per transaction is $148, and contact-less payments of more than $100 make up nearly half of all transactions--45.9 per cent.
Further, as the Province continues to allow more businesses to reopen, this number is projected to grow, as is the demand for contactless payment options.
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