MasterCard® has announced that it is creating a new BIN (Bank Identification Number) range for MasterCard®, which will effectively double the number of available MasterCard® credit cards worldwide. The addition of 2-series BIN is intended to fuel future payment industry growth by ensuring the best safety and security measures are in place.
The BIN (sometimes referred to as an IIN — Issuer Identification Number) is the first 6 characters of a card number or PAN (Primary Account Number). The new BIN will start with 2, and the full new BIN Range will be 222100-272099. This will supplement the existing 5 Series MasterCard® BIN range.
In basic terms, a merchant terminal and integrated POS must be able to support this new BIN range by June of 2017 or potentially be subject to penalties and fines by MasterCard®.
Issuers will need to upgrade their systems to be compatible with these additional 2-series BINs. To ensure that your equipment is able to support this new series please contact 4 Corners POS for analysis of all equipment to determine any changes or updates required.
This analysis is quick and easy and can provide you piece of mind your business is not at risk.
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