Homonym: BIN (Container)
A BIN, or Bank Identification Number, is the first six digits of a credit or debit card number. It helps identify the institution that issued the card, allowing merchants to process transactions securely. Each BIN is unique to a specific bank or financial institution, which helps prevent fraud and ensures that payments are directed to the correct issuer.
In addition to its role in payment processing, the BIN can also provide information about the card type, such as whether it is a Visa, MasterCard, or American Express. This information is crucial for merchants to determine the appropriate processing fees and security measures for each transaction.