The Central bank (BdP) wants new payment cards to incorporate contactless technology as they are renewed.
Portugal’s central bank (BdP) wants new payment cards to incorporate contactless technology as they are renewed, and expects that within three years all cards will already have this technology.
This is one of the measures included in the strategy for retail payments, for 2022, published on Monday by the BdP, produced following the work developed by the Forum for Payment Systems (FSP), the regulator’s consultative structure in this area, which brings together the main Portuguese players in the supply and demand of payment services.
According to the document, the entities that issue the cards will have until December 2020 to incorporate ‘contactless’ technology in the new payment cards issued and promote their activation by users.
At the moment, about 50% of debit cards already have this technology, so it is estimated that within three years all cards will be contactless.
The “National Strategy for Retail Payments | Horizonte 2022”, aims to contribute to the implementation of secure, efficient and innovative payment solutions in the Portuguese market, promoting their widespread accessibility, and is based on four pillars, namely promoting a more informed society, enhancing the benefits of digital transformation, adopting more secure payment solutions and contributing to a regulatory framework that promotes innovation and efficiency.