PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Guns, Drugs and Payments

Sarah Grotta by Sarah Grotta
February 20, 2018
in Analysts Coverage
0
Data Protection California Credit Card Issuers, banking data

Data Protection in California: Credit Card Issuers Take Note

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In the wake of the high school shooting in Parkland, Florida, conversations again turned to the issue of controlling how individuals get weapons.  Given what many believe is inaction on the part of national leaders on the matter of gun control, some are suggesting banks and payment facilitators could promote gun control in a non-legislative channel by limiting gun sellers’ ability to take payments.  This from the New York Times:

What if the finance industry — credit card companies like Visa, Mastercard and American Express; credit card processors like First Data; and banks like JPMorgan Chase and Wells Fargo — were to effectively set new rules for the sales of guns in America?

Collectively, they have more leverage over the gun industry than any lawmaker. And it wouldn’t be hard for them to take a stand.

 Advocates of this approach suggest that the banks and their payment processor partners could simply not provide services to those dealers who sell items like assault rifles, presumably through on-going, on site audits of dealers’ stock.  This is not a panacea for this complex issue.  In addition to some of the logistical aspects, the effectiveness also needs to be considered.  Mastercard and Visa currently do not support cannabis sales, but that industry is flourishing without them. There is also a concern that if banking services are withheld, providers would then be a target for discrimination lawsuits:

Critics of using the finance industry to influence gun sales might argue that such a move would be discriminatory against gun retailers. But gun sellers are not a protected class, like age, race, gender, religion or even political affiliation. This would be a strictly commercial decision.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

Read the quoted story here

Tags: Compliance and RegulationPayments
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023
    Faster Payments Faster Identity Verification, connected car, payments

    2023 Predictions: Authentication, Digital Identity, and In-Car Payments

    January 20, 2023
    bank data

    Interconnectivity, Data Sharing, and Security Are Vital for Banks to Thrive

    January 19, 2023
    B2B Payments, cryptocurrency

    Crypto as a Practical Solution to B2B Payments

    January 18, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Brighterion eBook - The power of today’s market-ready AI to reduce transaction fraud