Electronic Payment Systems - Formula Sheet

Numerical Standards and Specifications

While this chapter covers computerized systems, it contains crucial numeric and structural standards used in payment protocols.

1. ISO/IEC 7810 ID-1 Standard Dimensions

Universal specifications for payment cards are defined as follows:

• Card Width: 85.60 mm
• Card Height: 53.98 mm
• Card Thickness: 0.76 mm
• Corner Radius: 2.88 mm to 3.48 mm

2. Credit Card Digit Structure Layout

A standard credit card number consists of 16 digits partitioned into specific segments:

• First Digit: Major Industry Identifier (MII) code, indicating the card issuer's category (for example, 1 for airlines, 4 for banking institutions).
• First Six Digits: Issuer Identifier Number (IIN) or Bank Identification Number (BIN), identifying the card-issuing organization.
• Digits 7 to 15: Individual customer account number (9 digits).
• Last Digit (Digit 16): Check digit evaluated using the Luhn validation algorithm.

3. Validation Algorithm (Luhn Formula)

The Luhn check sum verifies the validity of a card number using this modular arithmetic procedure:

• From the rightmost digit, double the value of every second digit.
• If doubling a digit yields a value greater than nine, subtract nine from that product (equivalent to summing the two digits of the product).
• Sum all adjusted digits together with the remaining unmodified digits.
• The complete number is mathematically valid if the total sum modulo ten is zero.

4. Banking Identification Codes

• Indian Financial System Code (IFSC): A unique 11-digit alphanumeric branch identifier regulated by the Reserve Bank of India. Its format is: First 4 letters denote bank name, the 5th character is '0' (reserved), and the last 6 characters represent the specific branch code.
• SWIFT Code: A universal identification format used to identify financial institutions globally during international bank transfers.