Moving to 8-Digit BINs
In April 2022, major card schemes, Visa and Mastercard, are replacing 6-digit bank identification numbers with 8-digit ones. To put it simply, the first eight digits of your payment card will allow you to identify the issuer. Currently, only the first six digits are used for this purpose. This blog explains how the whole card number is constructed and what each digit represents.
What do credit card numbers mean?
Most of us use credit or debit cards in our everyday lives. But have you ever wondered what those magical 16 digits on your card mean? Let’s find out!
A credit card number is usually 16-digits-long, going by four sets of four digits. It is called a PAN number or Primary Account Number. It identifies the card issuer and the account number. This number is not assigned randomly. All digits on the card have a purpose.
First digit - Major Industry Identifier
The first digit on the card is called the Major Industry Identifier (MII). It shows which industry your card belongs to. The most popular industry affiliations are as follows:
1 – Airlines
2 – Airlines and Financial
3 – Travel and Entertainment. This also includes American Express.
4-6 – Banking, Financial and Merchandising (Visa, MasterCard, etc.)
7 – Petroleum
8 – Healthcare and Communications
9 – Government
Keep in mind that these are just broad and most common examples. There are other industries or card providers with the same numbers as well. Bankera is working with VISA; therefore, all of our cards start with the number 4.
First six digits - What is a BIN number?
The first six digits (including the first one – Major Industry Identifier) on the card are called Issuer Identification Number (IIN) or Bank Identification Number (BIN). This number indicates the credit card company that is issuing the cards. Every financial service provider that issues cards has a few sets of digits that help identify them. For example, all of the cards issued by Bankera start with one of the few IINs assigned to it by VISA.
There is also a significant change in the credit card service industry. As of April 2022, all BINs/IINs are expanded from 6 to 8 digits. It does not mean that your card number will change. Only the method of identifying Bankera or other financial institutions will change. To simply put it, this change is needed because the number of financial service providers increases and there is a need for more INNs and BINs. Therefore the number shifts from 6 to 8 so that more financial institutions could issue cards for their users.
Following 8-10 numbers - Account identifiers
The following numbers are called Account identifiers or Account numbers. This is the number that the financial institution assigns to its user. Every user has a unique account identifier. Due to the INN/BIN system change, the Bankera cards’ Account numbers will change from 10 to 8 digits. Do not be afraid - this in no way will affect your card.
The last number - Validator Digit
The last number on the card is called Validator Digit or Check Digit. The primary purpose of this number is to make sure that the previous numbers are valid. It is similar to the last numbers of your Personal Number that ensure that the entire number is correct. In credit cards, the selection of this number is based on the Luhn algorithm.
So now you know what all of the 16 numbers on your Bankera card mean. Even though there is a slight change in the IIN/BIN number system, it will not affect your Bankera cards. If you do not have the card yet, go ahead and log in to your Bankera account and order your free card now.
20 April, 2022