MasterCard announced its expansion to 2-series bank identification numbers (BINs). For decades, MasterCards started with the number five. However, MasterCard plans to begin issuing cards starting with the number two in summer 2017.
BINs are the first four to six digits of your credit card number. This unique set of numbers are used to identify the institutions that issue credit cards. Each brand has one or more of its own unique BIN series to correctly identify the bank the money is being transferred from. MasterCard 2-series cards will range from 222100 to 272099.
BINs are integral for the payments ecosystem. They communicate bank information, products, benefits and other card data, including whether the account is valid and if the payment amount is available on the card.
MasterCard 2-series Implications
More BINs are needed for the rapid growth of credit card payments. These new BINs mean more MasterCards available for consumers, supplementing MasterCard’s already rich user base. In fact, the total supply will double.
This poses no change for MasterCard holders.
Businesses accepting MasterCard should confirm that their payment systems and terminals can support MasterCard 2-series cards by June 2017 or face possible penalties from MasterCard or their Merchant Account Providers.
Businesses accepting online payments should verify their systems are updated so card-type recognition correctly identifies MasterCard 2-series cards. This means that when the first few numbers of a card have been entered, the system auto-selects the card type. If this fails, the customer’s card may be rejected.
Updates and testing were a focus in 2016. Acquirers and processors had to test and certify their systems for the MasterCard 2-series cards. PayJunction customers can rest assured that our system is ready to process this new BIN series. If you are not processing with PayJunction, we recommend contacting your provider to confirm it’s ready to process MasterCard 2-series cards.