The Commercial Bank of Ceylon has partnered with Mastercard to introduce near-field communication (NFC)-enabled chip & pin credit cards in Sri Lanka.

The new internationally-valid cards are designed to provide maximum protection against skimming or cloning and counterfeit transactions.

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Commercial Bank security

The products require PIN entry at point-of-sale (POS) for payment authentication.

The chip & pin credit cards come with online as well as offline PIN technology.  The online PIN is verified by transmitting the data to the bank for validations. However, the offline PIN is cross-checked at the POS terminal.

Cardholders can get their PIN through text messages to registered mobile numbers or via a physical PIN mailer. The cards can be used to withdraw cash at both domestic and international ATMs.

Commercial Bank deputy general manager of marketing Hasrath Munasinghe said: “Commercial Bank was the first to launch debit cards with chip & pin technology in the country; the launch of credit cards with the same technology, offers a fast-growing customer segment the enhanced security that is an imperative today.”

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The bank’s portfolio includes multiple Silver, Gold and Platinum credit cards on Mastercard and Visa platforms. It also offers Visa Signature, World Mastercard and Visa Infinite premium cards.

All the cards feature ‘tap and go’ NFC technology and backed by NFC POS network. Rewards points of both credit and debit cards are covered under the Commercial Bank ‘Max Loyalty Rewards’ scheme.