Important changes to Mastercard's Customer Verification Method (CVM) limits will take effect on Saturday, April 1st, 2023. Please note, this change only applies to card-present Mastercard transactions made in-store.
We have not been advised of any other limit changes by any of the other schemes (Visa, AMEX, etc).
Overview of changes:
The in-store contactless transaction limit for Mastercard Paypass will decrease from $200 to $100. This means that any transaction over $100 made via contactless payment will require a pin entry. However, this change does not apply to payments made from mobile wallets.
How to update your terminal:
In order for these updates to take place, merchants are requested to leave terminals connected to power and Wi-Fi overnight from Monday, March 27th onwards. If the terminal is not left on and connected, the update will stay in the queue for up to 48 hours; as soon as the terminal is connected back within 48 hours, the update will be pushed through. The update should take no longer than 3 minutes to complete.
FAQs:
Q: What happens if I do not leave my terminal on and connected to power and the internet?
A: If the terminal is not left on and connected, the update will stay in the queue for up to 48 hours; as soon as the terminal is connected back within 48 hours, the update will be pushed through.
Q: How long does the update take?
A: The update should take no longer than 3 minutes to complete. We apologise for any inconvenience this change may cause and appreciate your understanding as we strive to enhance security and convenience for all Mastercard Paypass transactions.
If you have any further questions or concerns, please do not hesitate to contact us by submitting a request.
