CBJ sets new limit on non-cash transactions

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AMMAN — In a move to meet the needs of the Jordanian market and financially savvy consumers, the Central Bank of Jordan has announced that all banks and electronic payment companies operating in the Kingdom are now able to set a new limit for non-cash payment transactions.اضافة اعلان

According to a local media outlet, the new limit will set the value of one transaction at a maximum of JD100, with the total value of transactions in one day not exceeding JD300. However, customers will still have the ability to set their own maximum value for non-cash transactions, both in terms of singular transactions and daily totals.

The decision to implement this new limit aims to provide more flexibility and ease in making payments using electronic tools, particularly as more customers are relying on non-cash methods to make payments to merchants, both within and outside of the Kingdom.

Non-cash payments are any form of payment that does not involve physical money. Card payments are amongst the most popular of the payments.

Recently, wireless payment boomed, with many paying by simply holding their cards, watches, or phone close to a payment machine.

Non-cash payments offer a more convenient and efficient way to make transactions, as they do not require the physical exchange of money.

In a recent statement, CBJ Governor Adel Al-Sharkas highlighted the significant growth of non-cash payment methods in the country.

The governor attributed this growth to the CBJ's decision in 2020 to mandate all banks and electronic payment companies to stop issuing cards or providing point-of-sale (POS) devices that do not support non-cash payments.

This move, along with increased consumer awareness and financial literacy, has led to a surge in the adoption of non-cash payments in the Kingdom

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