Exclusive: Credit card provider Discover told Reuters it will allow its network to track purchases at gun retailers in April, making it the first among peers to move ahead with the initiative aimed at helping authorities probe gun-related crimes
Discover said it will include the new code in its next policy and product update to merchants and payment partners, in April.
"We remain focused on continuing to protect and support lawful purchases on our network while protecting the privacy of cardholders," Discover said in its statement to Reuters. A Visa representative declined to comment on its schedule for the new code. Mastercard and American Express representatives did not immediately respond to requests for comment on their plans. Last fall, the companiesA representative for Geneva-based ISO said the new code, dubbed "5723 - Gun and ammunition shops" - would be available for financial institutions to use by the end of February.
"The decision to use the new merchant category code is eventually left up to the users in the industry," the ISO representative said. Discover handled 2% of the $9.56 trillion purchased on U.S. credit and debit cards in 2022, according to industry researcher Nilson Report. Industry leader Visa had a 61% share, Mastercard 26% and American Express 11%.
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