Bank Card Number Meaning

Generally the first digit indicates what type of card.

Bank card number meaning. The number 4 is visa and the number 5 is mastercardthe first 7 numbers tell the bank institution data. The first bank cards were atm cards issued by barclays in london in 1967 and by chemical bank in long island new york in 1969. Credit cards with a smart chip which are known as emv cards also protect your credit card number. Bank cards are used for electronic commerce with magnetic stripe readers or via internet and for banking transactions through automatic teller machines atms.

Instead of swiping your card and providing an unencrypted account number you insert your cards chip into a chip reader. The reason for this is because you need a pin orand other personal information to use that credit card. Even if you know someone credit card number you wont be able to use it. Some bank also uses otps to make sure that someone is not misusing their credit cards.

Bank issued plastic card with a magnetic stripe that holds machine readable identification code. Its a mathematical algorithm where various combinations of. To be more detailed about what each credit card number represents. Credit card numbers are very sensitive information just like your bank account.

This clarifies which credit card company a card comes from which isnt always obvious. The payment card number differs from the business identifier code biciso 9362 a normalized codealso known as business identifier code bank international code or swift code. Two main types of bank cards are credit cards which allow drawing of funds. It also differs from universal payment identification code another identifier for a bank account in the united states.

Together with the first digit these numbers represent the issuer identification number iin also called the bank identification number bin. Every card no matter the network or bank must be in agreement with the luhn system which determines the validity of a credit card.