MasterCard Introduces New Cards in 2017
January 13 2017 |
MasterCard® is adding a new Bank Identification Number (BIN) series and we wanted to dig deeper and explain what it’s all about.
What is a BIN?
A BIN is the first 6 digits of the card account number. These 6 digits identify the bank or credit union that issued the card. BINs communicate bank information within the payment processing eco-system.
What is changing?
MasterCard BINs typically start with the number 5, but in order to support continued growth and innovative new products, a new BIN is being introduced. MasterCard’s new BIN series will begin with the number 2. The 2-series BINs adhere to ISO industry standards and will work exactly the same way as the 5-series BINs do today.
When is this happening?
In 2017 MasterCard issuing banks will start issuing cards with the 2-series BINs, and you will start seeing both types of cards on the market – the ones starting with “5” and the ones starting with “2”.
To ensure that all new MasterCard cards work, the entire payment processing eco-system must be able to recognize and accept the new 2-series BIN cards. We are working with MasterCard to create and test the necessary updates. It is a work in progress and we will provide you with more information as we move forward. Stay tuned!