Credit card company Visa to classify gun sales separately

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Following initiatives by several organisations to more effectively track firearms purchases, credit card company Visa Inc. will start to categorise individually gun sales.

A day after the International Organization for Standardization established a new merchant category code for gun and ammo businesses to use when processing transactions, Visa, the largest credit card company in the United States, took the action.

"Following ISO's decision to establish a new merchant category code, Visa will proceed with next steps while ensuring that all lawful commerce on the Visa network is secured in accordance with our long-standing regulations," the company said in an email statement on Saturday, as Bloomberg reported.

Credit card firms utilise the merchant category code, a four-digit number that describes the kinds of goods sold to consumers, to categorise businesses.

Authorities in New York said that the action will assist financial institutions in identifying suspicious behaviour among traders and save lives.

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