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The
International Organization for Standardization (ISO) approved
creation of the merchant code on Friday following pressure from
gun-control activists who say it will help track suspicious
weapons purchases.
"Following ISO's decision to establish a new merchant category
code, Visa will proceed with next steps, while ensuring we
protect all legal commerce on the Visa network in accordance
with our long-standing rules," Visa said in a statement.
Mastercard Inc said on Friday that following ISO's approval, "we
now turn our focus to how it will be implemented by merchants
and their banks as we continue to support lawful purchases on
our network while protecting the privacy and decisions of
individual cardholders."
American Express Co said when ISO develops a new code, the
company will work with third-party processors and partners on
implementation.
The code will show where an individual spends money but not what
items were purchased.
Several top U.S. pension funds including those for government
workers in New York City and California had submitted
shareholder resolutions asking payment companies to weigh in on
the issue.
Some gun-rights activists have worried the new code could lead
to unauthorized surveillance.
Mass shootings this year, including at a Texas elementary school
that killed 19 children and two teachers, have added to the
long-running U.S. debate over gun control.
U.S. President Joe Biden has called for Congress to pass an
assault weapons ban as well as $37 billion for crime prevention
programs, with $13 billion to hire and train an additional
100,000 police officers over the next five years.
(Reporting by Mrinmay Dey in Bengaluru; Editing by Cynthia
Osterman and Raju Gopalakrishnan)
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