HSBC launches ‘chip’ credit cards

HSBC once again de- monstrated why it is the market leader in credit cards when it introduced the ‘chip’ credit card for the first time in Sri Lanka.

‘Chip’ cards, also known as ‘Smart Cards’ or ‘EMV’ cards, contain the latest technology available in the international credit card business. Chip cards contain a microchip, which is embedded on the face of the credit card plastic.

This microchip stores and processes customer information securely in an encrypted environment. This enables HSBC to issue a credit card, which not only has the best benefits, but now is also the safest card in the market.

One of the main advantages of chip technology is that it helps combat fraud. This initiative has the support of the Central Bank who are keen that all financial institutions take a more active role in reducing the risk of fraud.

By taking this initiative, HSBC hopes that others in the industry would follow by introducing chip technology themselves as a way of further curbing fraud and card tampering.

It is to be noted however that until or unless all players in the local industry moved to a common chip platform, HSBC Sri Lanka cardholders would not reap the full benefits of chip card technology, except when using their cards abroad in countries which are fully chip-enabled.

HSBC Sri Lanka has ensured that its customers receive the benefits of banking with a global organisation, as they join customers in other countries such as the United Kingdom, France, Malaysia, Thailand and Hong Kong that have already moved to chip technology.

The launch of ‘chip’ credit cards in the local market continues HSBC’s strong tradition of leading the way in introducing new banking technology to Sri Lanka.

The new chip credit cards, which have received certification from both Visa and MasterCard, will be given to customers following an initial release to select customers.