Credit card gun purchases in the US can now be tracked and purchases deemed suspicious can even be shared with law enforcement, according to a new metric approved by an organization that sets transaction parameters commercial.
The International Organization for Standardization (ISO) has voted in favor of creating a merchant code for gun stores, according to Reuters.
Merchant codes are four-digit codes that classify retailers across industries; until now, gun purchases were categorized as “miscellaneous retail stores” or “sporting goods stores”.
While the measurement was rented by politicians such as Massachusetts Senators Elizabeth Warren and Ed Markey, among others, it is unclear how this process will work.
Many top credit card companies such as PayPal, Stripe, and Square do not allow gun purchases. For credit companies that allow purchases, the total cost can be very high due to interest.
As a result, many arms buyers often use cash for their purchases; potential buyers are often seen asking in online forums whether it is better to buy guns with cash or credits, with many voting for cash.
Meanwhile, fintech companies such as Credova, created to enable installment plans for the purchase of guns, ignore their role when asked how people like the Uvalde shooter , in Texas, purchased weapons through their platform using a debit card.
John Feinblatt, president of Everytown for Gun Safety, welcomed ISO’s decision, which was announced on Friday, and said it was now crucial that it be implemented thoroughly.
“Today’s announcement is a crucial first step in giving banks and credit card companies the tools they need to recognize dangerous gun-buying trends – like a constituent national extremist an armory – and report them to law enforcement,” he said in a statement shared with the Guardian.
Amalgamated Bank, which presents itself as a “socially responsible bank”, had requested the codes from ISO.
Friday they famous their victory, thanking their partners, including New York Governor Kathy Hochul and New York Attorney General Tish James.
Priscilla Sims Brown, president and chief executive of the bank, said in a statement that the code will pave the way for banks to report suspicious or illegal arms sales activity in a way that will not interfere with legal gun sales.
“This action answers the call of millions of Americans to be safe from gun violence and we are proud to have led the broad coalition of advocates, shareholders and elected officials who have achieved this result. history,” she added.
Tracking and blocking illegal gun sales has already made headway with FBI background checks, according to Everytown.
In 2020, FBI background checks led to the blocking of more than 300,000 illegal gun purchases, nearly double the number in 2019.
The same year, gun purchases skyrocketed as people were stuck indoors during the first wave of the pandemic; records show there were 20 million legal purchases in 2020, up from 12.4 million the previous year.
In a statement, the Alliance for Gun Responsibility said: “We are pleased to see the financial industry taking action to recognize that it has a role to play in helping to keep our communities safe. Stricter gun laws are essential, but they are only one piece of the puzzle when it comes to tackling the epidemic of gun violence.