Sberbank has increased the limit on purchases without a PIN code

Since the beginning of 2023, Sberbank has been testing an increase in the limit for card payments, under which you can not enter

PIN code, RBC reports with reference tobank representatives. Now, in some cases, you can get by with applying a card for purchases worth more than a thousand rubles. “Increasing the limit makes it possible to make the payment experience of customers even more convenient while unconditionally maintaining the level of security of transactions, which also meets market standards,” the agency quotes a representative of a credit institution. Banks can set purchase amounts without a PIN code in accordance with the rules of payment systems. The Mir payment system increased this limit in 2020 to three thousand rubles. At the same time, the recommendations of payment systems for the amount of purchases without a PIN code are not mandatory.

Sberbank is the largest acquirer in Russia andmost recently in Europe. According to research by The Nilson Report, in 2021 Sberbank processed 27 billion transactions for a total of $281 billion. At the end of 2022, the share of non-cash payments in Russia's trade turnover amounted to 78.1%, having increased by almost 4 percentage points over the year, the agency quotes the words of Olga Skorobogatova, First Deputy Chairman of the Central Bank. She expects that this figure will increase to 80-85% over a four- to five-year horizon.

Photo - TASS