Banks that are introducing the new upper payment limit include OP, Nordea, Danske, S-Bank, Oma Säästöpankki, POP Bank, Handelsbanken and Savings Banks. Aktia and the Bank of Åland will introduce the new €50 limit later in the spring. contactless payments limit

The new limit for transactions will go through if the payment terminal has had a software upgrade.

“There is a wide variety of different payment terminals and systems to be updated. We understand that some of the terminals will be updated automatically and some will have to be manually updated. If necessary, the merchant can request support from his own equipment supplier” explains Kirsi Klepp from the Federation of Finnish Finance Industries Finanssiala.

According to a study carried out by Finanssiala, 79% of Finns use contactless payments. Two years ago that figure was only 52%.

Young people are particular fans of the system, but older people are using it with 57% of 75-79 year-olds making contactless payments at check-out terminals. contactless payments limit

There isn’t a daily limit for contactless payments. However, from time to time, when you shop using contactless payments, you’ll need to put your card into the machine and enter your PIN to verify it’s you, before you can use contactless again.