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Sampath Bank
Introduces COMPLETE chip technology to Sri Lanka
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What is a Chip
Card? |
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Chip card is a regular sized credit
card contains a micro integrated circuit or a chip
which enables a greater level of security compared
to the standard magnetic stripe card. In addition chip
card can hold a large amount of data compared to the
standard card.
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Why have we introduced the Chip enabled credit
Card? |
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Chip enabled credit cards provides
you greater security against skimming, which involves
the copying of private information from the magnetic
stripe on your card. Unlike the magnetic stripe, the
micro processor in the card can securely store encrypted
information and each transaction done by a Chip card
generates a unique transaction ID making it difficult
to counterfeit the card. |
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In addition chip technology has
much greater capacity to store information and programs
than the current magnetic stripe technology which will
further simplify the card validation process. |
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At the end of the day, Chip cards provide Greater peace
of mind to Cardholders. |
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Chip cards are not new to Sri Lanka. So how
do we claim that we introduced COMPLETE chip technology? |
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Yes, there are other banks that
already issue Chip cards at present. But to ensure 100%
security of chip technology having a chip enabled merchant
terminal is a must. If the merchant terminal is not
supported by chip technology, the transaction would
be completed as a magnetic stripe transaction as the
card carries both the magnetic stripe and the chip. |
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Therefore Sampath Bank has introduced chip card acceptance
technology to the merchant network enabling acceptance
of Chip cards for the first time in country. We have started
converting our islandwide Terminal network of 3,000 merchants
to accept chip cards, and expect to complete the project
in 2009. |
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When will Chip cards be issued to existing Cardholders
of Sampath Bank? |
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We have already commenced issuing
Chip Cards, to our Visa Platinum card base. The process
will be extended to Gold and Silver card holders in
the year 2009. |
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