Currently, the first 6 digits of a credit card number are used to identify the bank or organization that issued the card to the cardholder.
The number of card issuing organizations is sharply increasing worldwide, stressing the limitations of the 6-digit ID structure.
To accommodate this increase in issuers, Visa and Mastercard are introducing 8-digit Bank Identification Numbers, beginning in April 2022.
Watch our short “Inside Scoop” video, on this page, to learn about the implications this will have, and about the action businesses will need to take in order to mitigate risk.
More information can also be found here.
The move to 8-digit BINs is just one of many recent industry shifts.
The payments industry is constantly evolving, and it can be difficult to stay on top of new developments and updates.
Find more breaking news from the experts at Verisave here:
Verisave is a third-party cost-reduction firm specializing in merchant accounts and credit card processing fees.
Verisave is not a payment processor, and is not affiliated with any processors, card brands, or banks.
Verisave has more than 20 years of experience optimizing and monitoring the credit card processing industry.