Visa Inc. announced plans to categorize sales at gun shops separately, a move applauded by gun control advocates who believe it will help track suspicious gun sales. This decision by the world’s largest payment processor follows similar actions by Mastercard and American Express, both of which plan to categorize gun shop sales under a new merchant code established by the International Organization for Standardization (ISO).
Previously, gun store sales were classified as “general merchandise.” Visa’s new categorization aims to enhance monitoring of potentially suspicious surges in gun sales, which could signal a prelude to mass shootings. The new merchant code allows for better tracking and analysis of firearm-related purchases.
Visa’s implementation of the ISO’s new code is significant, given its vast network. This move, along with those by Mastercard and American Express, may influence banks to adopt the standard for their issued cards. Visa will facilitate transactions as an intermediary, while the decision to approve sales at gun stores will rest with the banks.
The initiative has seen strong support from New York City officials and major public pension funds in California and New York, which have urged credit card companies to establish distinct sales codes for firearm transactions. Advocates believe this measure could play a crucial role in combating gun violence by flagging unusual purchase patterns.
Despite these efforts, gun rights advocates argue that categorizing gun sales unfairly targets the industry, highlighting that most purchases are lawful and non-threatening.
