The ATM card number is a series of unique digits that play an important role in the world of banking. This number is an essential element of the ATM card that facilitates various financial activities, from cash withdrawals to bill payments.
In this discussion, you will learn more about ATM card numbers, including debit and credit cards. You will also learn more about the functions of the ATM card number and the importance of their sequence.
What is an ATM card number?
An ATM card number is a unique sequence of digits, usually 16, printed on the front of debit and credit cards. This number is used to identify the card and to simplify various transactions, whether at ATMs, electronic data capture (EDC) devices or on online platforms.
Although it is linked to a bank account, the ATM card number is different from the bank's account number. The ATM card number identifies the card, while the account number identifies the bank account for transactions.
A single bank account can be linked to several ATM cards, usually debit cards. However, credit cards can also be used for cash withdrawals at ATMs.
To ensure data security, you should not disclose the number of your ATM card, whether debit or credit card, to anyone. Always keep your ATM card details private, keep your card in a safe place and update your personal identification number (PIN) regularly.
Use of debit card numbers
Debit cards can be used for a variety of transactions, including at ATMs and EDC machines. You may need to enter your debit card number for certain ATM transactions. For payments at EDC machines, the operator enters the debit card number and processes the transaction.
For online transactions with a debit card, you must enter your debit card number. Additional card details such as the card expiration date and the card verification value (CVV) or card verification code (CVC) are usually also required.
It is important to know that debit cards are directly linked to your bank account. Transactions made with a debit card will reduce your account balance. Therefore, if your account does not have sufficient funds, you will not be able to carry out a transaction with your debit card.
Use of credit card numbers
Similar to debit cards, credit cards can also be used for transactions at ATMs and EDC machines. You can use a credit card to withdraw cash from ATMs, subject to the terms and conditions of the issuing bank. For payments at EDC machines, the operator enters the credit card number and carries out the transaction.
For online transactions, you must enter the credit card number provided for the payment. You must also enter details such as the card expiration date and the CVV or CVC code.
Unlike debit cards, credit cards are not linked to your account balance. When you make a transaction with a credit card, you are borrowing money from the bank. Credit cards usually have a fixed limit that determines the total amount you can spend.
Functions of an ATM card number
As a unique identifier, the ATM card number plays a crucial role in various transactions, including business transactions. Below are some important functions of an ATM card number that you should know:
1. ATM cardholder identification
The ATM card number is used to identify the card that is linked to a specific bank account within the banking system. Each ATM card number is unique and serves as a digital fingerprint for each cardholder. When an ATM card is used, the banking system reads the card number and compares it with the customer data stored in the system.
This ensures that the card is authorized for transactions related to the associated account. The ATM card number also facilitates automatic capture in business transaction systems, such as for transactions via EDC machines or online payments.
2. Processing transactions and payments
The ATM card number is essential for the authorization of every transaction you make. For debit cards, the bank checks whether your account balance is sufficient to cover the transaction. For credit cards, the bank checks whether you have a credit limit and can use the card.
The ATM card number also enables seamless integration into payment management systems. This is particularly useful for recurring transactions, such as monthly bill payments, where the ATM card number can be used for automatic payments.
3. Protection and security
The ATM card number provides protection and security for your bank account. It is one of the data elements that the system checks during transactions to prevent unauthorized access. Banking systems monitor ATM card number usage patterns to detect suspicious or unusual transactions.
In addition, the ATM card number helps to protect the confidentiality of your account number. For some transactions, only the ATM card number is displayed, while the account number remains hidden. If the card is lost or stolen, the bank will block the old card and issue a new ATM card with a different number without changing the account number.
Location of the ATM card number and other card details
The ATM card number is located on the front of the card, usually in a large and clearly visible font. It is usually located in the center or lower part of the card. On some cards, the ATM card number is located near the cardholder's name and the issuing bank's logo.
For a better understanding, here is an example of an ATM card number on the front of the card.
In addition to the card number, an ATM card contains several other important elements, such as
1. Expiration date of the card
Both debit and credit cards have an expiration date, usually in MM/YYY format. For example, "12/25" stands for December 2025.
The expiration date ensures the validity period of the card and serves as part of the transaction security system. You may need to enter the expiration date as part of the transaction verification process. If the expiry date of your card is about to expire, you should renew it immediately to avoid service interruptions.
2. CVV or CVC code
The CVV (Card Verification Value) or CVC (Card Verification Code) is a security code that is printed on the back of the card and usually consists of three digits, or four digits for certain cards such as American Express.
This code provides an additional level of security for online transactions. The CVV or CVC ensures that the physical card is in the user's possession and protects against unauthorized access. Keep this code confidential and do not pass it on to third parties.
3. Magnetic stripe
The magnetic stripe is a thick, elongated black line on the back of the card on that customer data is stored magnetically. The magnetic stripe is found on both debit and credit cards and serves as a storage medium that can be read by ATMs or EDC devices.
4. Intelligent chip
The smart chip is a small, square component on the front of the card, which is usually gold or silver in color. It stores customer data securely and in encrypted form. The smart chip increases transaction security by making it more difficult to duplicate data and protecting against skimming.
Meaning of ATM card numbers (debit and credit)
Although ATM card numbers usually consist of 16 digits, their meanings differ between debit and credit cards.
Meaning of the debit card numbers:
- Digits 1–2: Network switching code used, e.g. Visa or MasterCard.
- Digits 3–7: Identifier of the issuing bank.
- Digits 8–16: Identification of the cardholder.
Meaning of the credit card numbers:
- Digit 1: Type of card used, such as Visa, MasterCard or American Express.
- Digit 2: Identifier of the corresponding industry, such as airlines, financial services or telecommunications.
- Digits 3–8: Identifier of the financial institution, also known as Issuer Identification Number (IIN) or Bank Identification Number (BIN).
- Digits 9–16: Identifier of the cardholder and the associated account.
Simplify business transactions with Aspire Corporate Cards
ATM card numbers are sensitive elements of transactions and must be kept confidential. They are not only used at ATMs, but also for EDC machines and online transactions.
For business owners, managing multiple payment cards can be essential to streamline procurement and purchasing processes. This is where Aspire Corporate Cards come into play.
With Aspire, you can issue unlimited cards to your employees. Set spending limits for each card and monitor all transactions in real time from a single dashboard.
Additionally, Aspire corporate cards help your company save money by offering unlimited 0.5% cashback on every transaction and allow you to make direct payments in USD and SGD to avoid conversion fees.
Aspire offers other financial solutions to streamline your business operations, such as Payout API, Payment Gateway and Business Accounts. Want to learn more? Contact our team today!
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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