PARIS, 11 Sep. (Benin News) –
Credit card company Visa Inc. will begin to separately categorize gun sales, following attempts by various organizations to improve tracking of gun purchases.
The decision 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 arms and ammunition stores to be used when transaction processing.
“Following ISO’s decision to establish a new Merchant Category Code, Visa will proceed with the next steps, while ensuring that all legal commerce on the Visa network is protected in accordance with our long-term rules. date,” the company said in an emailed statement Saturday, picked up 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 said the move would help financial institutions detect suspicious merchant activity and save lives.