Do You Know About A New 2-Series Mastercard BIN Range

Posted by Apoorv Joshi on December 16th, 2017

Mastercard brings the huge change in there Bank Identification Number (BIN) by adding the new series of 2. You can discover more data about this change, which includes including another 2 series, on our blog. Banks won’t begin issuing cards with the 2 series until January 2017, yet we need to keep you up to the date of forthcoming changes.

The payments industry is more complex than ever. With new devices and technologies emerging in a connected world, the industry’s finite supply of BINs is reaching current capacities. The International Organization for Standardization (ISO) which has published ISO/IEC 7812 to define BINs, and the American Bankers Association which is the registration authority managing the numbers, has a limited supply of unused or unallocated numbers. So, the industry needs more BINs to manage industry growth.

Q: When do changes go into effect?

A: Cards with 2-series BINs will be issued beginning in 2017.

In November 2014, Mastercard announced the required technical updates to add the 2-series BINs to its supply. The changes to support the new BINs need to be integrated into issuer, acquirer, merchant and processor systems by October 2016.

Mastercard will begin merchant field testing of the 2-series systems on June 30, 2017.

Q: How will the 2-series BINS impact merchants?

A: Merchants need to evaluate their systems with their acquirer or service provider. Based on that review, merchants may need to make updates to be able to accept transactions with the 2-series BIN range.

Q: How will the 2-series BINs impact issuers?

A: Issuers will need to upgrade their systems to be compatible with 2-series BINs, but all systems should be analyzed to determine if any additional changes are required. Software providers may have updates available, and internally developed solutions may require enhancements.

Q: How will the 2-series BINs impact service providers and vendors?

A: Service providers and vendors will need to work with their acquirer partner to upgrade their systems to be compatible with 2-series BINs.

Q: How will the 2-series BINS impact acquirers?

A: Acquirers will need to upgrade their systems to be compatible with 2-series BINs.

Author Section:

This article is written by Chargeback Expertz, provide knowledge for chargebacks and how to fight or reduce chargebacks. Chargeback Expertz is a Detailed Risk Management Company helping Retail and Online Merchants. Chargeback Expertz’s system is designed to defend the eCommerce Business against all types of Fraud and Threats.