New Merchant Code Approved for Card Purchases of Guns, Ammunition
An international standards body has approved the creation of a merchant category code for gun retailers to identify credit card sales of guns and ammunition.
The International Organization for Standardization (ISO)—a non-governmental body based in Geneva, Switzerland that creates standards across various industries, including the financial services industry—has approved the new merchant category code for gun and ammunition stores, according to a Sept. 9 announcement from Amalgamated Bank, a New York-based bank that had applied to ISO for the merchant category code.
The approval took place at a meeting on Sept. 7, ISO confirmed to Payments Dive in an email. A subcommittee of the organization approved the code, an ISO spokeswoman told Reuters….