The Cardholder Verification Method (CVM) determines what is required of the cardholder during a sale to authenticate their identity. See CVM Fields on PSCS to learn generally about CVM settings and how they apply to certain scenarios. To encourage the use of contactless payments (due to ease and speed), typically low-cost sales via NFC do not require any CVM.
The EMV Contactless CVM Limit field is designed for partners to manage risk and determine the sale amount at which they would like for the selected CVM to apply to a contactless transaction. Anything under the entered threshold will not prompt for a CVM.