Visa Tightens Memecoin Card Codes After Digital-Media Classification

Visa is moving to tighten how memecoin purchases are classified after some card transactions received a digital-media merchant code.

The change follows scrutiny of purchases through Robinhood Wallet and Fomo using Visa and Mastercard cards via Apple Pay or Google Pay. Crossmint processed the transactions, which could qualify for standard card rewards despite involving cryptocurrency.

JPMorgan Chase challenged the classification of at least one Visa transaction, while the New York Attorney General’s Office said it was reviewing the issue. Visa is now reportedly asking payment processors to stop using the digital-media category for memecoin purchases.

Visa Targets Digital-Media Coding

Test purchases made with Visa and Mastercard cards received merchant category code 5815. The code covers digital goods such as movies and audiobooks.

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