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What is the Bank Identification Number (BIN) and why is it important?

Aniket Umesh Surve . Jun 25, 2024

A:

The BIN (Bank Identification Number) is a set of  four to six digits numbers that appear at the beginning of your credit card, debit card or prepaid card. BIN is important because it helps to reveal which bank or financial institution issued the card. This information is crucial for merchants during online transactions. Moreover, BINs also help route transactions to the appropriate network (Visa, Mastercard, etc.) for processing.

Jun 26, 2024

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