Finance & Economics

Central Bank of Jordan Doubles Daily Contactless Limit

The Central Bank of Jordan (CBJ) decided to increase the daily limit for individual contactless transactions made without a PIN.

Central Bank of Jordan Doubles Daily Contactless Limit

Source: Pixabay.com

The limit has been increased from 55 Jordanian dinars (77 US dollars) to 100 Jordanian dinars (141 US dollars). The bank also doubled the second daily limit of contactless transactions from 150 Jordanian dinars (212 US dollars) to 300 Jordanian dinars (423 US dollars).

The financial organization has instructed all banks and payment service providers that operate in Jordan to provide users with the opportunity to independently determine the size of limits for contactless payments. This recommendation applies to one-time transactions and those financial transactions that are carried out on an ongoing basis.

But the clients of financial organizations will still be limited in determining the limit. The recommendation provides for a maximum amount of daily transactions not higher than the level set by the central bank.

The CJB solution is a response to the current needs of the Jordanian financial market and the corresponding consumer requests. Also, an increase in the limit will contribute to greater flexibility when making transactions using electronic tools that support contactless functions.

Last year, CBJ obliged banks and payment service providers to issue only those cards and devices for accepting payments at retail outlets that support contactless payments.

The total amount of contactless transactions in Jordan since the active use of this payment method in 2022 has reached 1.4 billion Jordanian dinars (1,9 billion US dollars). The total number of contactless payment cards in circulation exceeded 5.7 million by the end of last year.

CBJ manager Adel Sharkas said that contactless payments have demonstrated unprecedented growth after the regulator at the end of 2020 obliged all banks and companies making electronic transactions not to issue cards and not to use point-of-sale (POS) devices that do not support contactless functions.

As we have reported earlier, Mastercard issues first biometric card in Jordan.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.