It’s a major win for gun control advocates who say it will help better track suspicious sales that could be a prelude to a mass shooting.
But gun rights advocates have argued that the step would unfairly segregate legal gun sales when most sales do not lead to mass shootings.
Visa’s adoption is significant as the largest payment network, and will likely add pressure for Mastercard and American Express to adopt the code as well. Merchant Category Codes now exist for almost every kind of purchase, including those made at supermarkets, clothing stores, coffee shops and many other retailers.
“Unfortunately, the credit card companies have failed to support this simple, practical, potentially lifesaving tool. The time has come for them to do so,” Lander said recently, before Visa’s announcement. “Failing to do so can result in regulatory, reputational, and litigation risks that may harm long-term shareholder value,” the letters asserted.
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Visa, Mastercard, AmEx to begin categorising sales at US gun storesPayment processor says it will adopt International Organization for Standardization's new merchant code for gun sales, a move gun control advocates say will help better track suspicious surges of gun sales.
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Payment Processor Visa To Start Categorizing Sales At Gun StoresVisa’s adoption is significant as the largest payment network, and will likely add pressure for Mastercard and American Express to adopt the code as well.
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