MADRID, Sep. 11 (.) –
Credit card company Visa Inc. will begin separately classifying gun sales following efforts by various organizations to improve tracking of firearm purchases.
The move by Visa — the largest credit card company in the United States — comes a day after the International Organization for Standardization approved a new merchant category code for gun and ammunition stores to use when process the transactions.
“Following ISO’s decision to establish a new merchant category code, Visa will proceed with the next steps, while ensuring that all legal trade on the Visa network is protected in accordance with our long-standing rules,” the statement said. company in a statement sent this Saturday by email, collected by Bloomberg.
The merchant category code is a four-digit number that indicates the types of products sold to consumers and is used by credit card companies to classify businesses.
New York authorities indicated that this measure would help financial institutions detect suspicious activity among merchants and save lives.