Issuer Identification Number (IIN)
The Issuer Identification Number (IIN) is a unique code allotted to debit cards and credit cards by banks and other financial institutions. This IIN is used for the purpose of identifying an issuer. It is placed before Primary Account Number (PAN) on a card.
The IIN number indicates the card issuer whereas the PAN identifies the cardholder. The first six to eight digits of the card number are represented by the IIN. The first digit represents the network of the card while the remaining digits represent the card issuer. With the help of the Issuer Identification Number, banks manage their transactions in an accurate manner.
The Issuer Identification Number (IIN) is essential in enabling secure and traceable transactions. It not only facilitates safe transactions but also guarantees that financial institutions are authorised. The IIN number will become even more significant and continue to play a crucial role in the world's financial infrastructure as payment technology develops. Read on to learn about the Issuer Identification Number, its importance, and how it works.
How Does Issuer Identification Number (IIN) Number Work?
First digit of IIN | Credit Card Issuer |
1 | Airlines |
2 | Mastercard |
3 | Entertainment and travel |
4 | Visa |
5 | Mastercard |
6 | Discover |
7, 8, and 9 | Petroleum, health care, etc. |
When it comes to a credit card system, the Major Industry Identifier (MII) is denoted by the first digit of an IIN. This MII helps in identifying the credit card network. The Bank Identification Numbers (BINs) are the numbers that come after the first digit. They are used to indicate who issued the credit card which is typically a bank or other financial institution.
Why is Issuer Identification Number Important?
The benefits of the Issuer Identification Number are as follows:
- The Issuer Identification Number makes it simple to identify the processing network that is being used for the transactions of a credit card. It makes sure that payments are processed seamlessly and efficiently.
- Only authorised cardholders with adequate funds may conduct transactions because of the authentication processes employed in IIN transactions. This makes the transactions reliable and secure.
- Since the IIN number verifies the legitimacy and status of the payment card, an extra layer of security is added. It assists in avoiding fraud and illegal transactions.
- The IIN’s numbering system makes identifying a card issuer easy for financial institutions. Since this enables better management of cards, transactions are processed without any delays and errors.
FAQs on Issuer Identification Number
- What is the Issuer Identification Number in India?
In India, a payment card's first six digits, whether they are on a debit or credit card, are referred to as the issuer identification number (IIN). The card issuer is identified by the IIN.
- Is the Bank Identification Number (BIN) the same as the Issuer Identification Number?
Yes, the Bank Identification Number (BIN) is the same as the Issuer Identification Number. Cards are also issued by financial institutions other than banks, which is why the BIN is also referred to as the IIN.
- Where can I find my Bank Identification Number?
The bank identification number (BIN) is the first four to six digits on payment cards. You can find this on a variety of cards, including debit, charge, credit, and other payment cards. It helps businesses analyse and assess their credit card transactions.
- Why is Issuer Identification Number important?
A card processor performs a number of verification procedures each time a card is swiped upon completing a transaction. This is done to make sure only authorised cardholders can make transactions. Additionally, it confirms that there are enough funds in the account.
- What is the card issuer name?
The banks that issue credit cards are referred to as the credit card issuing bank or issuer. The name of the issuer is typically displayed on the front side of your credit card.
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