Visa, Mastercard, AmEx to categorize gun store sales separately

Payment processor Visa on Saturday announced its plans to classify gun store sales separately, joining MasterCard and American Express, which have already said they will classify purchases at firearms stores.

Visa said it would implement the International Organization for Standardization’s new merchant code for gun shop sales. The new iOS code was announced on Friday. Previously, gun shop sales were labeled as “general merchandise”.

Visa said in a statement, “Following ISO’s decision to establish a new merchant category code, Visa will move forward with the next steps, while ensuring that we are able to comply with our long-standing rules for everyone on the Visa network.” protect legal commerce.”

Visa’s move marks a major victory for gun control advocates, who argue that a separate category for gun store sales would help track suspicious volumes of firearms sales that could potentially be rampant. But it can cause shooting.

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Payment processor Visa on Saturday announced its plans to classify gun store sales separately, joining Mastercard and American Express, which have already said they will classify firearms sales. (Justin Sullivan / Getty Images / Getty Images)

But gun rights advocates and gun lobbyists have said it would be unfair to the industry to classify gun store sales, as most firearms sales do not result in mass shootings.

Visa, which acts as a middleman between merchants and banks, is the largest payment network. And with the three major payment processors all choosing to label gun shop sales, banks will now be under pressure as card issuers to decide whether to label gun shop sales on their issued cards. Will allow purchases classified as

Iso and banks were prompted by New York City officials and the pension fund to adopt a new code on gun store sales.

The two largest public pension funds in the US, based in California and New York, have pressured the nation’s largest credit card companies to adopt separate sales codes for gun sales.

Merchant category codes are not exclusive to gun store sales, however, codes now exist for almost every type of purchase, including those at supermarkets, clothing stores, coffee shops, and other retailers.

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gun sales

Smith and Wesson handguns are displayed during the NRA Annual Meeting and Exhibit at the Kay Bailey Hutchison Convention Center on May 5, 2018 in Dallas, Texas. (Photo by Justin Sullivan/Getty Images/Getty Images)

“When you buy airline tickets or pay for your groceries, your credit card company has a special code assigned to those retailers. It’s common knowledge that our stores for gun and ammunition stores have similar policies,” said New York City Democratic Mayor Eric Adams.

Gun Control Advocates claim that merchant codes for standalone gun and ammunition retailers can prevent gun violence. A week before the 2016 Pulse Nightclub mass shooting in Orlando, Florida, the gunman purchased more than $26,000 worth of guns and ammunition using a credit card.

However, gun rights advocates maintain that tracking gun store sales will target legal gun purchases because merchant codes only label the type of merchant where credit or debit cards are used, specific items. No. For example, the purchase of a gun safe may be viewed as a major purchase at a gun store because the item can be purchased for thousands of dollars. But a gun safe is a product that is considered part of responsible gun ownership.

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Signage for a firearms unidentified guns and ammo store on June 2, 2022 in Yuma, Arizona. (Photo by Patrick T. Fallon/AFP via Getty Images) (Getty Images)

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“The [industry’s] The decision to create a firearm-specific code is nothing more than a dedication to anti-gun politicians and activists intent on upholding the rights of law-abiding Americans one transaction at a time,” the National Rifle Association spokesman Lars Dulseid said.

The Associated Press contributed to this report.

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