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.

Regulators EST CB
Entity Types Bank; CNSM; MSB
Reference PR 3/25/2020; COVID-19
Functions Financial; Reporting; Technology; Treasury
Countries Estonia
Products Banking; Cards; Deposits; Payments
Regions EMEA
Rule Type Guidance
Rule Date 3/25/2020
Effective Date 3/25/2020
Rule Id 74432
Linked to N/A
Reg. Last Update 3/25/2020
Report Section EU

Last substantive update on 03/25/2020