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Limit on contactless payments with payment cards raised to ISK 7,500

The decision has been made to raise the maximum limit on payments using contactless VISA payment cards to ISK 7,500. In order to implement the change, point-of-service card readers require a software upgrade. Work on upgrading card readers in grocery stores and pharmacies will begin first and is scheduled to be completed before Easter.

When these changes become effective, the maximum amount of individual contactless payments increases from ISK 5,000 to ISK 7,500. The maximum limit on accumulated payments, i.e. before a PIN is required, increases from ISK 10,500 to ISK 15,000.

No restrictions on amount of payment with mobiles

To slow the spread of Covid-19, the Icelandic Director of Health has encouraged the population to use contactless payment methods. We recommend that customers use their phone to pay for goods and services, as no restrictions apply to the amount of payment by phone, other than the withdrawal limits on individual cards.

Upgrading all card readers may take 2-3 weeks

These changes are made in collaboration with Valitor, Verifone and VISA. According to plan, all card readers in grocery stores and pharmacies will be upgraded before Easter and all card readers within 2-3 weeks.