Card Payments Instruments Decoded

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Reserve Bank Of India (RBI) classified Card Payments Instruments in three broad categories, these are as below:

  1. Debit Cards
  2. Credit Cards
  3. Pre-Paid Cards

Basically, ATM cards are debit types of instruments. Debit cards to have hold value in advance in card account. While Credit Cards are loan type of instruments. Credit cards used to avail loan credit in card account. And, Pre-Paid cards have some predefined stored value in card account.

These card payment instruments are available in three types of technologies. These three technologies are:

  1. Magnetic Strip
  2. Chip
  3. NFC

Old cards are of magnetic strip type of cards which are currently replaced with chip type and called smart cards. While Near Field Communication (NFC) is the future new technology also called contact less cards now in use in developed countries.

Depending on the use of cards they are again classified in two main categories. These are:

  1. Domestic Cards
  2. International Cards

In this article, we have decoded card numbers for you. All of these cards has dimension 85.60 MM length and 53.98 MM in breadth with rounded corners. There is Card Verification Value code of three digits called CVV printed on the backside of the card and used in Card Not Present (CNP) transactions in E-Commerce industry. At the end of December 2021 total there are 6,89,48,699 Credit Cards & 93,77,41,694 Debit Cards are in circulation in India. Generally cards are issued with 16 Digit number. These 16 digits are bunched in four digits have some significance for you which is as follows:

XXXX XXXX XXXX XXXX
Digit 1:MII

This digit is Major card Industry Identifier (MII) that issued the card. This Digit stands as below

0- ISO and Other

1- Airlines

2- Airlines & Other

3- Travel & Entertainment

4- Banking & Finance

5- Banking & Finance

6- Banking & Merchandise

7- Petroleum

8- Telecom & Other

9- National Assignment

Digit 2 to 6: IIN

Digits 2 to 6 identifies issuer of cards and called Issuer Identification Number (IIN). This comprises Card Issuing Company & Issuer Bank. Some of these are as fallows:

Master Card – 5XXXXX

VISA – 4XXXXX

RUPAY – 60XXXX, 65XXXX,  81XXXX, 82XXXX, 508XXX, 353XXX, 356XXX

Mastro – 5018XX, 5020XX, 5038XX, 5893XX, 6304XX, 6759XX, 6761XX, 6762XX, 6763XX

American Express – 34XXXX, 37XXXX

Diners Club – 36XXXX, 54XXXX

Discover – 6XXXXX

JCB – 3528XX to 3589XX

MIR – 2200XX to 2204XX

VISA Electron – 4026XX, 417500X, 4508XX, 4844XX, 4913XX, 4917XX

LankaPay – 357111

Digit 7 to 15: Digits Linked to Bank Account Number

These nine digits are linked with your bank account number and are unique in nature.

Digit 16: Checksum Digit

This one digit is for checksum of  all rest of digits and used for card number validation purpose.

This is whole about to understand our card payments instruments in India and world.

Resources:

  • RBI Grievance & Complains Dial Number: 14448
  • RBI Information & Help Missed Call Number: 8691960000

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