With physical distancing and contactless payments being top of mind, card networks are increasing CVM (card verification method) limits for contactless card payments. To help combat COVID-19 and help sellers promote physical distancing, Square is increasing the limit on contactless card transactions in step with these changes. These updates will be delivered through firmware updates, and apply to the Square Contactless and Chip Reader, Square Terminal, and Square Stand for Contactless and Chip.
What’s changing?
Physical distancing and contactless payments are top-of-mind for consumers and sellers. Credit card networks including Visa, Mastercard and American Express have announced their support for raising contactless card payment limits from AU$100 to AU$200 across Australia.
UPDATE December 2022: As of February 2023, Mastercard contactless payment limits without use of a PIN will return to $100.
What’s changing for Square sellers?
Square is increasing contactless card payment limits. Customers will be able to make contactless payments up to AU$200 before being prompted for a PIN with Visa, Mastercard, and American Express branded cards.
When will this change be in place?
Contactless limit increases will be included as part of regular firmware updates, which are being rolled out across Square hardware over the next few days. There’s no action sellers need to take to enable these new limits. All hardware should be updated by April 28th, 2020.
What payment methods does this apply to?
The new AU$200 limit applies to Visa, Mastercard, and American Express branded contactless cards