EST CB Covid Banking, Card Payment
On Mar. 25, EST CB issued update on banking and card payments.
- Payment services and card payments are essential services, have worked flawlessly so far, system has been able to maintain speed of payment movements.
- Following announcement of pandemic, significant but temporary increase of card payments made in stores was noted, as people began to replenish home supplies.
- EST CB advised paying with a smart card or a smartphone to avoid contact.
- On Mar. 23, banks raised the limit on contactless payments to EUR 50 and estimate that setting higher limit will allow 95% of card payments to be made contactless.
- Currently, payments below €15,000 can be transferred using flash payment system; limit for the flash payment system will be raised to EUR 100,000 on Jul. 1, 2020.
||Bank; CNSM; MSB
||PR 3/25/2020; COVID-19
||Financial; Reporting; Technology; Treasury
||Banking; Cards; Deposits; Payments
|Reg. Last Update
Last substantive update on 03/25/2020