Payment solutions company CCAvenue* has launched 'Bin- Based Promotion,' a marketing tool for merchants wanting to roll out promotional offers to bank customers through the bank website.
The tool will let marketeers target customers based on the kind of relationships they have with the bank. For instance, travel websites would offer BIN-based promotions to those with traveler cards, while online retail sites would offer these deals to card holders who into shopping.
Merchants can get into agreements with multiple banks to finalize on discounts and cash back offers as part of a strategic alliance or tie up with co-branded credit/ debit cards.
BIN is a 4/6 unique identification number which can identify a bank and card type. Merchants can upload the BIN pertaining to the participating bank from their back-end and enable the special pricing for promotional offers.
At present, to do BIN based marketing, merchants have to receive credit card details from the customer. But this is an expensive thing to do as it needs security certification that costs several lakhs. With CCAvenue, merchants can get on to BIN based promotions without having to go through that.