“Shoot now, pay later” Fintech has become the latest gun control battleground

 People don't die from guns; Payment processors cause deaths. After lawmakers made that claim and urged fintech companies to limit the services they provide to gun manufacturers and retailers of firearms, a flurry of controversy has erupted in Washington, D.C.

They argued that the lack of oversight has made it possible for murderers to use horrifying arsenals to kill innocent people and max out their credit cards. They also urged companies that offer buy-now-pay-later (BNPL) plans to stop allowing gun manufacturers access to their installment services. Liberal legislators want change immediately.

He is one of the 50 individuals from the New York State assembly that sent an open letter to the Chiefs of Japan Cards and Payments Market. According to Reuters, pension officials in New York and California signed a similar letter in late August to American Express, Mastercard, and Visa.

The letters supported Amalgamated Bank's request to establish a new merchant category code (McC) for stores selling guns and ammunition. A four-digit MCC classifies businesses according to the nature of their operations. For instance, there are distinct rules for movie theaters and hair salons. The new code, according to the lender, was necessary for determining credit risk.

That sentiment was echoed in the two letters. They argued that it would make it easier for financial institutions to monitor certain kinds of suspicious activities and allow law enforcement agencies to combat the financing of terrorism. "Unlawful bulk purchases that could be used in the commission of domestic terrorist acts or gun trafficking schemes" were two examples of this. Straw purchases were also included.

They supported up their contention by expressing that there have been in excess of 1,500 firearm passings starting around 2009 and that "shooters in a portion of the most horrendously terrible mass shootings in ongoing memory utilized Mastercards to back the weapons stores with which they executed mass viciousness."

For instance, the murderer at the Aurora movie theater had used a Mastercard to purchase $11,000 worth of weapons, ammunition, and body armor. In a similar vein, a year prior to the massacre that claimed the lives of 60 people on the Las Vegas strip, the gunman had purchased nearly $100,000 worth of firearms and ammunition with credit cards.