Sampath Bank launches Chip enabled card

Sampath Bank, the technology savvy bank has launched the Chip enabled card together with card acceptance technology for the first time in Sri Lanka. For the first time a Chip enabled card is 100% secure, said Senior Manager Card Centre Sampath Bank Nirosha De Silva.

Earlier, Sampath Bank used the magnetic strip cards but people can commit frauds and therefore the bank decided to introduce a chip enabled card to eliminate the frauds. The transactions are more secure with the electronic chip but the card management system has to be equipped to accept the transactions. Even the POS terminals have to be chip enabled. Therefore, new software will be introduced to these terminals as well.