Introduction of 8-digit BIN21 Dec 2021
By Marielena Viera, Product manager
The card organisations Visa and Mastercard will extend the BIN (Bank Identification Number) of their cards from 6 to 8 digits globally on April 1st 2022. Among other things, the BIN is used by merchants and Payment Service Providers (PSPs) for routing transactions for authorisation, fraud prevention, loyalty programs or reportings. The change of the BIN-length is a regulation change. Whether you are in face-to-face business or e-commerce, as a merchant you need to be compliant next year.
The first 6 digits of the Primary Account Number (PAN) of credit, debit and prepaid cards are called Bank Identification Number (BIN), known in our platform as Issuer Identification Number – IIN. This number is generally used to identify the scheme, the issuers and can allow you to retrieve other payment information like the card type or the currency used.
Because of the increasing demand by issuers, the International Organisation for Standardisation (ISO) introduced a new standard. The card organisations Visa and Mastercard will extend the IIN of their cards from 6 to 8 digits globally on April 1st 2022. The general length of the card number (e.g. 16 and 19 digits for Visa and Mastercard in Europe) will not change.
Visa and Mastercard are implementing the new 8-digit standard from April 2022.