Contactless Limit definition
Contactless Limit means the maximum monetary amount a cardholder can transact using the contactless payment method (tap to pay) without the need to input a PIN or provide additional authentication. Card transactions may be authorized using the contactless method (tap to pay). For Co-op Bank cards the contactless limit is KES 4,000 per day. The cardholder can either carry out a single contactless transaction of Kes 4,000/- per day or several contactless transactions subject to a maximum count of 15 transactions in a day provided, the total value of these transactions does not exceed the daily contactless limit. If the transaction is above the daily limit, then the cardholder shall be required to key in their PIN to complete the transaction. If the acquirer limit is below the Co-op Bank card’s limit, the acquirer limit shall prevail.
Examples of Contactless Limit in a sentence
Under this feature, Customer may choose to change the following limits on Customer’s Debit Card-i:- 6.2.5.2.1 Transfer Limit; 6.2.5.2.2 Purchase Limit; 6.2.5.2.3 Withdrawal Limit; and 6.2.5.2.4 Pay Wave (Contactless) Limit.
In excess of the Contactless Limit, the transaction is deemed authorized by entry of the PIN number to the acceptance terminal.