Nets, which provides payment solutions, says in its announcement that the Lähimmaksami smoothing function will land in Finland at the beginning of the year. Soon you will be able to pay for purchases by contactless payment, regardless of the amount.
Contactless payment at store checkouts is made easier with the so-called single tap requirement. Elle Laitila
The share of contactless payments is nowhere in the world as high as in the Nordic countries. 77 percent of Finnish consumers use contactless payment, 86 percent of Swedes and as many as 94 percent of Danes.
According to Nets, Finland is lagging behind its neighbors due to the limit of 50 euros set for contactless payments. If the purchases cost more than 50 euros, the card must have been entered into the payment terminal. Not for much longer though.
The change will enter into force in 2024
The so-called single tap requirement will come into effect at cash registers in Finnish stores on January 1, 2024. The single tap function of payment terminals enables contactless payments regardless of the amount.
– We expect that after the change, the popularity of contactless payments will grow in Finland to the level of other Nordic countries, Nets country manager Summer Ruoppa says in the announcement.
The card also supports the function
Many payment terminals already support single Tap, as merchants were already informed about the changing requirements a couple of years ago. However, the number of payment terminals supporting the feature is expected to increase significantly by the beginning of next year.
Single tap requires support not only from the store’s payment terminal, but also from the consumer’s payment card. If your own card does not support the function, the payment terminal will ask you to enter the card, as before.
Don’t forget your PIN code
Although the single tap requirement will facilitate Lähipays in those cases when the amount of the purchase exceeds 50 euros, the user cannot get rid of typing the PIN code.
Even though the card no longer needs to be entered into the payment terminal for all purchases over fifty, the terminal still requires a PIN code after showing the card.
Nets says on their websitethat the single tap functionality is implemented with Mastercard, Visa, Union Pay and Diners & for Discover card payments.
Source: Nets