Tap and go payment limit increased to $200 to contain virus spread

author-avatar By on April 03,2020
Tap and go payment limit increased to $200 to contain virus spread

Photo by Andrea Piacquadio from Pexels

Australian shoppers will soon be able to make purchases of up to $200 at the checkout using tap and go, as retailers try to stop the spread of the coronavirus.

In a bid by retailers to stop the spread of the coronavirus (COVID-19), tap and go payment limits will be temporarily increased from $100 to $200 from next week.

The Australian Payments Network (APN) confirmed today that the payment industry will be increasing the limit for contactless card payments to reduce the need for physical contact with the EFTPOS machine.

"From next week, consumers will begin to see an increasing number of retailers accepting contactless card payments without a PIN up to the new $200 limit," the APN said in a statement.

"Given the sheer numbers of cards, payment terminals and organisations involved, the new limit will be progressively introduced across certain cards and at certain retailers, with major supermarkets expected to be among the first."

The new limit of $200 is expected to apply for a three-month period and will be extended if needed.

It follows similar measures being implemented in other countries around the world in response to the virus. 

APN CEO Andy White said the move was necessary given the circumstances.

“The increased limit is a pragmatic and important response to a changing environment. Consumers are tending to buy more, less often," he said. 

"The new $200 contactless limit will mean fewer consumers need to touch the payment terminal."

The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, welcomed the move

“I thank APN, financial institutions, card schemes and retailers for being responsive and stepping up in these extraordinary times”, Assistant Minister Hume said.

“Raising the contactless limit is a sensible and practical measure to slow the spread of coronavirus. It will help Australians stay safe and confident when shopping for essentials” she added.

The payment limit will also apply to shoppers using digital wallets on their smartphones or smartwatches.


Latest Articles

author-avatar
Emma joined Savings.com.au as a Finance Journalist in 2019. She is a journalist with more than five years experience across print, broadcast and digital media, with previous stints at Style Magazines, 4ZZZ radio, and as editor of The Real Estate Conversation. She's most passionate about improving the financial literacy of young women and millennials by writing about complex financial topics in a way that's easy for the average Joe (or Jill) to understand. When she's not writing about finance she's watching Greys Anatomy (again).

Collections:

Get free insights & tips monthly

By subscribing you agree to the Savings Privacy Policy

Loading data please wait...

{{returnData.productName}}

Overview

Current Rate

{{returnData.currentRate | percentage:2}}

Comparison Rate*

{{returnData.comparisonRate | percentage:2}}

Rate Type

{{returnData.rateType}}

Advertised Rate

{{returnData.advertisedInterestRate}}

Comparison Rate*

{{returnData.comparisonRate}}

Monthly Repayment

{{returnData.monthlyRepayment}}

Interest Type

{{returnData.interestType}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Bonus Interest Rate

{{returnData.bonusInterestRate | percentage:2}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Introductory Rate

{{returnData.introductoryRate | percentage:2}}

Introductory Term

{{returnData.introductoryTerm}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Term

{{returnData.term}}

Advertised Interest Rate

{{returnData.advertisedInterestRate | percentage:2}}

Interest Frequency

{{returnData.interestFrequency}}


Fees and Features

Ongoing Annualised Fee

{{returnData.annualFee}}

Upfront Fee

{{returnData.upfrontFee}}

Offset Account

Redraw

Principal & Interest

Interest Only

N/A{{returnData.interestOnly}}

Max loan to value ratio (LVR)

{{returnData.maxLVR | percentage:0}}

Lump sum repayments

N/A

Additional repayments

Maximum Loan Term

{{returnData.maximumLoanTerm}}

Upfront Fee

${{returnData.upfrontFee}}

Ongoing Monthly Fee

{{returnData.ongoingFees}}

Early Repayment Fee Applies

N/A

Vehicle Types

{{returnData.vehicleType}}

Maximum Vehicle Age

{{returnData.maximumVehicleAge}}

Pre Approval Available

N/A

Online Application

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Minimum Deposit

{{returnData.minDeposit | currency : '$' : 0}}

Upfront Fees

{{returnData.upfrontFee | currency : '$' : 0}}

Annual Fees

{{returnData.annualFee | currency : '$' : 0}}

Notice Period to Withdraw

{{returnData.noticePeriodToWithdraw}}

Online Application

N/A

Automatic Rollover

N/A

Maturity Alert

N/A