This initiative comes in the wake of COVID-19 as health officials recommend social distancing and merchants encourage consumers to pay with contactless for a safer way to pay.
TORONTO, April 2, 2020 /CNW/ - Mastercard today announced it is enabling the increase of contactless payment limits across Canada, as people look for safer ways to pay in the wake of the COVID-19 (coronavirus) pandemic. The move follows similar announcements made by Mastercard recently to champion contactless limit raises around the world, as health officials recommend social distancing and a growing number of merchants encourage consumers to pay with contactless to minimize interaction.
Mastercard has been championing the transition to contactless in Canada and globally for over 15 years and Canadians have embraced this fast, simple and secure way to pay. Canada has been recognized as one of the most cashless societies in the world1 and the majority of in-person Mastercard transactions in Canada are already tapped.2 With this change, this contactless adoption is expected to grow even further.
Mastercard is currently working with industry partners in Canada to make it easier to accept contactless payment up to $250 CAD. Once implemented by partners, this means that cardholders will be able to purchase more of what they need with the security, speed and touch-free experience of contactless payments at more merchants across Canada.
"Mastercard is proud to have played a leadership role in driving the adoption of contactless payments in Canada and we know that Canadians have embraced it as a preferred way to pay," said Sasha Krstic, president of Mastercard in Canada. "With safety and social distancing top of mind for all Canadians, today's announcement is one way we're helping cardholders to shop easily, securely and with more peace of mind during this difficult time."
Mastercard is also reminding merchants that signatures are not required on a receipt or electronic point of sale device for contactless payments, giving consumers comfort, safety and speed at checkout.
Mastercard's effort to raise contactless limits is one of many initiatives the company is leading to support its employees, customers and cardholders. Most recently, the company announced a partnership with The Bill and Melinda Gates Foundation and Wellcome Trust to accelerate the development and access to treatment for COVID-19. Together, the companies committed up to $125 million in funding to speed-up the identification, assessment, development, and scaling of treatments. In addition, Mastercard employees around the world have engaged in its employee donations match program to help communities globally.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
1 Economies Adopting the Most Cashless Technology, 2017, Forex Bonuses
2 Mastercard Transaction Data Q42019
For further information: Sandra Benjamin, Vice President, Communications, Mastercard, [email protected], 416 365 5567