Visa IncV warned against the new system that gun-control proponents saw as restricting mass shootings, Bloomberg reports.
The International Organization for Standardization approved a new merchant category code that banks will use when processing transactions for gun and ammunition stores. The MCC will likely help banks flag suspicious activity at these retailers.
However, Visa found MCC lacks access to data showing what products consumers are buying. That means the network and its banking partners would be clueless about whether consumers buy an automatic rifle or safety equipment at these stores.
Visa and its rivals battled continued criticism over their network usage for commerce.
Earlier, Visa banned using its cards on Pornhub and other sites owned by MindGeek over child abuse and non-consensual violence content allegations.
Visa was against private companies serving as moral arbiters. Further, it would invade consumers’ privacy.
The gunshot detection system market will likely reach $2.16 billion by 2030, growing at a CAGR of 13.25% following higher gunfire, particularly on school grounds, and increasing investments in border security.
Price Action: V shares closed lower by 3.37% at $199.67 on Tuesday.
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