Sampath claims a first in Lanka with Webcard for Internet banking

The Sampath Bank claimed to be the first institution to offer a Webcard — a web based Virtual Card in Sri Lanka last week with the launch of its Virtual World with comprehensive internet products and solutions.

The bank said in a news release that the card is a pre-paid Visa Virtual Card to be used for transactions carried out on the internet.

The card is a prepaid Visa Virtual Card to be used only for transactions carried out on the internet.

"The Webcard varies from the traditional credit card by its credit limit, validity and the mode of operation," the bank said.

"The normal credit card is a physical card that is needed at the time of usage, but the Webcard is essentially a number to be used on the internet, though the customers will have a plastic card for purposes of tangibility of the product," explained Mr. Ranjith Narangoda, Assistant General Manager, Card Centre and Systems Development.

The Sampath Visa Webcard will have limits ranging from Rs. 2,500 to Rs. 10,000 and will be valid for a period of two years.

"The card does not have a high limit like the normal credit card so that even if someone compromises the loss will be less," Mr. Narangoda added.

The bank said that its Webcard was internationally valid and will not be restricted to Sampath customers only. It can be obtained by anyone.

To use the card, the holder will refer the plastic card and type the number on the internet payment page. In addition to this, the cardholder will have to enter a code called the CVV2 (Card Verification Value) that will be given separately by the bank, Sampath explained.