A New Number Series for Mastercard
Until recently, the 16-digit number of every Mastercard started with the number five. This is because the number five is part of the Mastercard bank identification number (BIN). The BIN is the first six digits of an account number and identifies the issuing institution for the account, ensuring each transaction is routed correctly. Previously, banks issuing Mastercards have used BINs ranging from 510000-559999.
As of January 2017, Mastercard now supports a new BIN range beginning with the number two or 2-series BINs. As a result, merchants will begin to see new cards that begin with the number two in addition to cards that begin with five. The 2-series BINs will operate the same way as the 5-series BINs. However, all organizations that process payment transactions will need to update their systems to accommodate the new BIN range.
What Actions Are Required by InstaMed Customers?
None. InstaMed made all necessary changes to support the 2-series BIN range in December 2016. InstaMed customers can accept 2-series cards without any changes to their workflow.
Key Dates for the New Number Series
- January 2017: Mastercard began assigning 2-series BINs to issuing banks
- June 2017: Merchant field testing and compliance began
- July 2017: Banks are now issuing 2-series cards to consumers