The very first digit is called the Major Industry Identifier (MII). The BIN is the first part of a payment card number, usually sixteen digits in length. A BIN is a six digit number at the beginning of a card number that identifies the card issuer. At the beginning of a credit or debit card there is a bank identification number or “BIN”. Payment cards have been around since the 1950’s, and have adopted a sophisticated numbering scheme. In order to avoid fines and uncomfortable transaction declines, please reach out to us today to make sure your system is ready for the new MasterCard series.Ģ-series credit card from MasterCard What’s The Story Behind Credit Card Numbers? While this change has been slowly rolling out since October 2016, as of June 30th, 2017 MasterCard has the ability to issue fines for businesses that haven’t made the upgrade. Even though the new cards will be processed in the same manner as the old card numbers, Point-of-Sale (POS) systems and payment processing systems will need software upgrades for a seamless transition. Historically, MasterCard has issued cards beginning with a 5. For the first time MasterCard is expanding to credit card numbers that begin with a 2.
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