Bank Card Number Meaning

Numbers of a credit card decoded.

Bank card number meaning. Bank cards are used for electronic commerce with magnetic stripe readers or via internet and for banking transactions through automatic teller machines atms. This clarifies which credit card company a card comes from which isnt always obvious. Two main types of bank cards are credit cards which allow drawing of funds. 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.

Generally the first digit indicates what type of card. The reason for this is because you need a pin orand other personal information to use that credit card. Bank issued plastic card with a magnetic stripe that holds machine readable identification code. Some bank also uses otps to make sure that someone is not misusing their credit cards.

Its a mathematical algorithm where various combinations of. 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. Together with the first digit these numbers represent the issuer identification number iin also called the bank identification number bin. In 1972 lloyds bank issued the first bank card to feature an information encoding magnetic strip using a personal identification number pin for security.

Even if you know someone credit card number you wont be able to use it. It also differs from universal payment identification code another identifier for a bank account in the united states. All these steps are taken by banks to make sure. Credit card numbers are very sensitive information just like your bank account.

Instead of swiping your card and providing an unencrypted account number you insert your cards chip into a chip reader. To be more detailed about what each credit card number represents.