Commercial Bank launches NFC-enabled Chip and PIN Credit Cards with Mastercard

The Commercial Bank of Ceylon has launched an internationally-valid NFC-enabled Chip & PIN Credit Card, in collaboration with Mastercard. 

The new NFC-enabled Chip & PIN Credit Card offers maximum protection against the skimming or cloning of a card, and against counterfeit transactions. It also minimises the possibility of fraudulent transactions at Point-of-Sale (POS) due to the PIN requirement, the Bank said. 

This card has both online and offline PIN technology. The online PIN is verified after transmitting the data to the Bank for validations, while the offline PIN is validated locally at the POS terminal itself. This card could be used at ATMs to withdraw cash locally and internationally by entering the PIN, and will function similar to any other Credit Card.

This technology renders the new Mastercard Credit Cards smart. Cardholders can receive their Personal Identification Numbers, either via SMS to registered mobile numbers, or through a physical PIN mailer. Cardholders simply enter their PINs at POS machines to authorise transactions. 

“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,” Commercial Bank Deputy General Manager (Marketing) Hasrath Munasinghe said.

The Mastercard Credit Card with Chip & PIN technology is deemed risk-averse, since it requires the card holder to authenticate each EMV contact transaction using a PIN, or use an OTP (One Time Password) for e-commerce transactions.