New York: Visa Inc., Mastercard Inc. and American Express Co. will take steps to implement a new merchant code that could improve tracking of firearm purchases.
The moves by the largest US credit-card companies come a day after the International Organization for Standardization approved a new merchant category code for gun and ammunition stores to use when processing transactions. The approval follows a campaign by Amalgamated Bank, New York city and state officials, and the California’s teachers’ pension fund for the new code.
Until Friday, gun store sales did not have a unique code and were considered “general merchandise,” according to a spokeswoman for the ISO.
“Following ISO’s decision to establish a new merchant category code, Visa will proceed with next steps, while ensuring we protect all legal commerce on the Visa network in accordance with our long-standing rules,” the company said in a statement to Insider.
Reuters reported the ISO was influenced by gun control advocates, including US Senator Elizabeth Warren, who urged the CEOs of Mastercard, American Express, and Visa to make the change.
“Mass shooters have repeatedly financed deadly massacres using credit cards, and bank CEOs need to step up to save lives,” Warren said.
In a statement to Insider, Mastercard said: “We understand and appreciate the significant policy imperative in reducing gun violence and see the recent bipartisan action in Congress as a positive step. We believe it is that type of effort that will meaningfully address the tragic gun violence facing the country.”
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