Next year, every debit card in Iceland will be modified so that the card holder will be able to pay ISK 100 million (USD 1.6 million, EUR 1.1 million) with one transaction. The current maximum sum is ISK 9,999,999 (USD 160,000, EUR 107,000).
At the same time the safety will be increased. Customers will have to enter their pin number when they pay with their debit card, Fréttabladid reports.
According to Logi Ragnarsson, managing director of Fjölgreidslumidlun, which is responsible for this modification, very few will actually pay an eight digit number with their debit cards and he said he has never received a request or complaint in relation to such high payments.