The Important Things to Know about the Expansion to 2-Series Bank Identification Numbers (BINs)

Initially, MasterCard bank identification numbers normally start with 5. However, sometime last year, the business has introduced another series which starts with 2. There is no difference between the 5 and 2 series in the manner in which they function or in the manner in which they are used. The major difference is that they start with two difference numbers with the previous starting with 5 and the newly received series starting with 2. Many BIN list checker service providers have already updated their database. Some consumers are already using MasterCards with 2 series BIN for purchases.

The introduction of the 2 series MasterCard BIN has implications not only for issuers but also for merchants and vendors. Here, we are going to take a look at what the new card implies for issuers, merchants and card users.

Issuers

The introduction of the 2 series MasterCard BIN will require the issuers to modify their system so that it will work well with this 2-series BIN. This upgrade is very important because if it is not taken, users of these cards may likely encounter some problem when making purchases or paying for their purchases with the cards. Issuers are required to analyse their systems to be able to find out aspects that require modification. The following areas should be of concern to issuers:

  • Rewards & loyalty
  • Reporting & reconciliation
  • Routing & processing
  • Dispute processing
  • Online banking
  • Card design
  • P2P payment processing
  • Card production
  • Balance transfers

The implication for merchants

If you are a merchant, one thing that you should bear in mind is that the new 2-series cards are designed to function on any machine or payment system that accepts MasterCard card. So, if you are accepting payment via MasterCard Card, you need to upgrade your POS terminals, webpage checkout software and other system of receiving payments that accept MasterCard so that these machines and system will recognize these cards. In this way, the users of these cards will not encounter any problem when they want to make payment with them. Merchants should also carry out the assessment of their system in collaboration with the service providers or acquirers in order to determine if there is a need to update their system and which aspects of their systems require the update. In case your business will want to apply for the production cards or 2-series test, you can email 2series test to cards@mastercard.com. Areas that should be of concern to merchants are:

  • E-commerce/online checkout
  • Reporting, processing and reconciliation
  • Educating your employees
  • POS terminals as well as cash register updates

The vendors and what they should take note of

Vendors and service providers should collaborate with each other in upgrading their systems. As a vendor, or a service provider, if you are interested in applying for production cards, you have to email 2series test to cards@mastercard.com. The possible implication of the changes to vendors include the following:

  • Online banking
  • E-commerce/online checkout
  • ATM processing
  • Reporting and reconciliation
  • Routing and processing

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