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New Merchant Code Approved for Card Purchases of Guns, Ammunition

from Mimi Nguyen Ly, NTD, originally published 10-Sep-2022

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.

Merchant category codes comprise four digits and are used to classify retailers across various industries.

The approval from ISO enables banks…