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Limit on contactless payments with payment cards raised to ISK 7,500

The decision has been made to raise the maximum limit on payments using contactless VISA payment cards to ISK 7,500. In order to implement the change, point-of-service card readers require a software upgrade. Work on upgrading card readers in grocery stores and pharmacies will begin first and is scheduled to be completed before Easter.

When these changes become effective, the maximum amount of individual contactless payments increases from ISK 5,000 to ISK 7,500. The maximum limit on accumulated payments, i.e. before a PIN is required, increases from ISK 10,500 to ISK 15,000.

No restrictions on amount of payment with mobiles

To slow the spread of Covid-19, the Icelandic Director of Health has encouraged the population to use contactless payment methods. We recommend that customers use their phone to pay for goods and services, as no restrictions apply to the amount of payment by phone, other than the withdrawal limits on individual cards.

Upgrading all card readers may take 2-3 weeks

These changes are made in collaboration with Valitor, Verifone and VISA. According to plan, all card readers in grocery stores and pharmacies will be upgraded before Easter and all card readers within 2-3 weeks.

Forsíða - 30 July 2020 04:05 PM

Financial results of Landsbankinn in H1 of 2020

Landsbankinn's after-tax performance was negative by ISK 3.3 billion during the first half of 2020, compared with a profit of ISK 11.1 billion during the same period in 2019. Loan impairment amounted to ISK 13.4 billion during the period, equal to about 1.1% of the bank‘s loan portfolio, compared with an impairment of ISK 2.4 billion in the same period last year.


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Weekly bulletin - 27 July 2020 08:57 AM

Icelandic Economic Weekly: Monday 27 July 2020

The CPI based on prices in mid-July increased 0.15% between months. Arion Bank published preliminary financial results for Q2. Icelandair Group also published preliminary financial results for Q2. The CBI release the minutes of the Financial Stability Committee meeting in June.


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Forsíða - 24 July 2020 01:50 PM

Landsbankinn is the best bank in Iceland in the assessment of Euromoney

The international business and finance magazine Euromoney has chosen Landsbankinn as the best bank in Iceland, and this is the second year in a row that the bank receives this recognition.


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