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Credit card companies will adopt new sales code for gun transactions – Brospar Daily News

Related video above: Maryland law prohibits sales and receipt of unregistered US credit cards. The Geneva-based International Organization for Standardization approved the code on Friday. The system would separately categorize sales at gun and ammunition stores, which proponents say could help track suspicious gun and ammunition transactions. Visa, the world’s largest payment network, “will take the next step,” the company said in a statement on Sunday, “while ensuring that all legitimate commerce on the Visa network is protected in accordance with our longstanding rules.” . American Express said it would follow its usual business practices and work with third-party processors and partners to implement the code. Illegal activity on our network,” the company said in a statement Sunday. A statement from Mastercard on Saturday noted that the recent bipartisan action by Congress was a “significant” positive step toward addressing gun violence. Since the ISO approval of the new merchant category code, Mastercard said it will focus on how merchants and their banks implement the system,” Mastercard said in a statement. “That’s exactly how we handle the process for any other suitable MCC, like a bike shop or a sporting goods store.” Almost every retail item has a merchant category code — until Friday’s ISO ruling, gun store sales are categorized as general merchandise or sporting goods. Merchant codes track where consumers use their credit cards, but do not mark specific items that have been purchased. Gun rights activists argue the code will unfairly police legal gun purchases. “This is not about tracking or prevention or any benign motive – this is about creating a national registry of gun owners,” the NRA said on Sunday. The New York Times found in 2018 that electronic payments were being used to purchase firearms and ammunition used in some of the nation’s deadliest mass shootings, including in Aurora, Colorado, San Bernardino, California, in Orlando, Florida and Latvia. vegas. Merger Bank and a number of politicians, including New York City Mayor Eric Adams and Senator Elizabeth Warren, lobbied ISO to implement the guidelines. The financial firm first requested the code from ISO last summer, an Amalgamated official said. Legal gun sales,” said Priscilla Sims Brown, president and CEO of Amalgamated Bank, in a statement released Friday.

Related video above: Maryland law prohibits the sale and acceptance of unregistered ‘ghost guns’

The US credit card giant has said it will implement a new merchant category code for gun retailers in the country, which gun control activists say will help flag potential mass shooters and gun traffickers.

The Geneva-based International Organization for Standardization approved the code on Friday. The system would separately categorize sales at gun and ammunition stores, which proponents say could help track suspicious gun and ammunition transactions.

Visa, the world’s largest payment network, said in a statement on Sunday that it will “continue to take the next step” “while ensuring that we protect all legitimate business activity on the Visa network in accordance with our long-standing rules”.

American Express said it would follow its usual business practices and work with third-party processors and partners to implement the code.

“We are focused on having appropriate controls in place to meet our regulatory and fiduciary responsibilities and prevent illegal activity on our network,” the company said in a statement on Sunday.

A statement from Mastercard on Saturday noted that recent bipartisan action in Congress is a positive step toward a “meaningful” fight against gun violence. Now that the ISO has approved the new merchant category code, Mastercard said it will focus on how merchants and their banks implement the system.

“We continue to support legitimate purchases on our network while protecting the privacy and decisions of individual cardholders,” Mastercard said in a statement. “That’s exactly how we handle the process for any other suitable MCC, like a bike shop or a sporting goods store.”

Almost every retail item has a merchant category code – until the ISO decides on Friday, Gun store sales are categorized as general merchandise or sporting goods.

Merchant codes track where consumers use their credit cards, but do not mark specific items that have been purchased. Gun rights activists think the code Unfairly monitoring legal gun purchases.

“This is not about tracing or prevention or any benign motive – this is about creating a national registry of gun owners,” the NRA said on Sunday.

This The New York Times found In 2018, electronic payments were used to purchase firearms and ammunition used in some of the nation’s deadliest mass shootings in Aurora, Colorado; San Bernardino, California; Orlando and Las Vegas, Florida Vegas.

Merge banks and some politicians including Eric Adams, Mayor of New York and Senator Elizabeth Warren, lobbied ISO to implement the code. An Amalgamated official said the financial firm first requested the code from ISO last summer.

Priscilla Sims Brown, President and CEO of Merger Bank Press release Friday.

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