In a major win for gun control advocates, the world’s largest payments processor Visa Inc announced on Saturday it will start using the new merchant category code for US gun retailers, which will identify transactions at firearms stores that were considered general merchandise until Friday.
Following the pressure from gun-control activists who argue it will help track suspicious weapons purchases, the International Organization for Standardization (ISO) approved on Friday the creation of the merchant code.
The code will show where an individual spends money but not what items were purchased though gun-rights activists are worried it could lead to unauthorized surveillance and to unfair segregation of legal gun sales when most sales do not lead to mass shootings.
Visa said in a statement it’ll proceed with the code while ensuring it protects all legal commerce on the Visa network in accordance with the company’s long-standing rules.
Following ISO’s decision, Mastercard Inc said previously on Friday that they’ll now focus on how the code will be implemented by merchants and their banks, emphasizing the company’s continued support for the lawful purchases on their network while protecting the privacy and decisions of individual cardholders.
American Express Co also noted it will work with third-party processors and partners on the implementation of the new code ISO developed.
The pressure for the ISO and banks to adopt this code was especially strong from the New York City officials and several top US pension funds – including those for government workers – which had pressured payment companies by submitting shareholder resolutions asking them to weigh in on the issue.
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