More than 90% of SIX terminals have been replaced in Luxembourg and will be compatible with contactless payments from now on. As card issuers, Luxembourg’s banks have been marketing contactless credit cards since January 2016, and V PAY contactless debit cards as from July 2016. Today, it is estimated that 50% of credit cards are equipped with contactless technology, while 90% of V PAY cards will be contactless by the end of 2017.
To pay contactless, your customers simply have to hold their card several to max. 4 centimetres away from the contactless icon displayed on the terminal.
Your customer does not have to enter their PIN for sums less than EUR 25. However, please note that random checks (asking for the PIN) can be done for amounts below EUR 25 for security reasons.
Your customer will be asked for the PIN for sums above EUR 25.
As a merchant, you will be paid in the same way within the same timescales and with the same guarantee as you are with contact payments.
Without any doubt, like millions of other consumers throughout the world, your customers will love using their contactless card when making their purchases. They do not have to insert their card anymore: payment is made simply by waving their card over the terminal. For small day-to-day purchases (less than EUR 25), you no longer have to enter your PIN code. This avoids having to look for coins or notes and having to wait to receive change.
For you, in addition to offering an additional, practical service to your customers, it is an excellent means of speeding up the payment process and reducing the time spent waiting at the till. In fact, the payment process duration is reduced by 40%.That is worth shouting about!
The security of contactless transactions has been a major concern in Luxembourg. A contactless transaction is made according to the same EMC principles as those of a contact payment transaction. Contrary to certain beliefs, it is impossible to make a contactless payment by accident, cause several payments to be made by leaving your contactless card on the payment terminal for too long, or have several contactless payments debited at the same time for the same transaction.