Talaj / iStock via Getty Images
Credit card giant Mastercard (NYSE:GHOST), Passport (NYSE:DRAW) and American Express (NYSE:AXP) was reported by the Republican attorney general on Tuesday to drop their plans to support creating a New code for gun retailers for use when processing payment card transactions.
In early September, the companies said they were adding merchant category codes for gun and ammunition stores in a move that could allay the concerns of gun safety activists, who believe This code will help authorities flag suspicious transactions.
On the other hand, gun store codes can lead to improper use of consumer data, The Wall Street Journal reported, citing GOP attorneys in a Letters is expected to be sent to companies on Tuesday, adding that it will not protect the public.
Tennessee Attorney General Jonathan Skrmetti and Montana Attorney General Austin Knudsen led the effort to warn credit card companies against continuing to implement gun store codes, WSJ noted.
Looking at the intraday price action, shares of Visa (DRAW) to slide 1.1% in trading Tuesday morning and also Mastercard (GHOST) and Amex (AXP) drift down first%.
Earlier, (September 6) American Express, Visa, Mastercard called for support merchant code for gun.
