Visa’s adoption is significant as the largest payment network, and will likely add pressure for Mastercard and American Express to adopt the code as well.
NEW YORK — Payment processor Visa Inc. said late Saturday that it plans to start separately categorizing sales at gun shops.
Two of the country’s largest public pension funds, in California and New York, are pressing the country’s largest credit card firms to establish sales codes specifically for firearm-related sales that could flag suspicious purchases or more easily trace how guns and ammo are sold.Merchant Category Codes now exist for almost every kind of purchase, including those made at supermarkets, clothing stores, coffee shops and many other retailers.
“Unfortunately, the credit card companies have failed to support this simple, practical, potentially lifesaving tool. The time has come for them to do so,” Lander said recently, before Visa’s announcement. “Failing to do so can result in regulatory, reputational, and litigation risks that may harm long-term shareholder value,” the letters asserted.
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