BB increases transaction limit for contactless payment to Tk5,000
The Bangladesh Bank has increased transaction limit for contactless payment, using bank card's Near Field Communication (NFC) chip, from Tk3,000 to Tk5,000.
The central bank issued a circular on Wednesday in this regard stating that the step was taken considering the current market condition, an increase in overall card transactions and to encourage people to use electronic payment methods.
For transactions above Tk5,000 using the NFC technology, users will have to provide PIN/two-factor-authentication at the Point of Sale (POS) system, said the circular.
The user will be immediately notified about the transaction through SMS.
Consumers will have to activate NFC on their cards by contacting the issuer bank/financial institutions and they will be able to set the number of transactions they want to allow each day.