September 29, 2022

Transaction Giants to Track Gun Shop Sales

Visa, Mastercard and American Express say they will apply a separate vendor code for firearms merchants

Three main payment processing companies – Visa, Mastercard and United states Express – have announced they will put all gun shop sales into a separate category of purchases from now on.

The particular move, which was met with criticism by weapons legal rights advocates, follows a decision simply by an international standards body to introduce a separate merchant program code for firearms retailers.

Visa – the world’s largest payments processor – was the last in order to announce its decision upon Saturday. Mastercard and American Express had both earlier said they would start using the brand new code.

The International Organization for Standardization (ISO) – a Swiss-based body – announced the decision to introduce the new  “ vendor category code”   on Friday.

Until Friday, gun shop sales were labeled as  “ general products. ”   The particular move was made in response to a request by the New York-based Amalgamated Bank.

The measure is certainly demanded by advocates associated with tighter gun regulation, who seem to say it will help track dubious weapons purchases. The proceed allows banks and payment processors to assign a brand new code to payments made to gun retailers, but is not going to show which specific products were purchased. The code will also not cover weapon purchases outside of specific hands retailers.

“ When you buy an air travel ticket or pay for your groceries, your credit card company has a special code for those suppliers. It’s just common sense that we have the same policies in place intended for gun and ammunition stores, ”   said Nyc Mayor Eric Adams, themself a former police officer.

The new system would be  “ an important step in the direction of ending financial system support just for gun trafficking, gun violence, and domestic terrorism, ”   Senator Elizabeth Warren (D-MA) and Representative Madeleine Dean (D-PA) wrote within a letter signed by lots of other American lawmakers.

The news provoked the ire of gun advocates, however.

“ This is not about tracking or even prevention or any virtuous motivation – it’s about making a national registry of weapon owners, ”   the National Rifle Association (NRA) said on Sunday. The spokesman, Lars Dalseide, furthermore branded the move as  “ nothing more than a alliance to anti-gun politicians plus activists bent on eroding the rights of law-abiding Americans one transaction each time. ”

In August, anti-gun lobbyists through GunsDownAmerica and Giffords known as on credit card companies to banner legal purchases of guns and ammunition as dubious,   demanding a separate business category code for standalone arms retailers.

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