Credit-card Memecoin Purchases Sidestep Card Rules

Credit-card memecoin purchases are now possible through two digital trading applications, eliminating one of the main barriers to entry for retail crypto investors. According to The Block, users can buy memecoins like dogwifhat (WIF) with a credit card using Apple Pay or Google Pay without requiring additional identification verification.

The convenience of this payment method has led to significant growth in active traders, with Fomo's integration resulting in a 7-fold increase within a week after launch. Crossmint, the company powering the transaction process, reports that over 68,000 new customers have made transactions through their platform.

However, experts are questioning whether this payment method complies with card network rules regarding crypto payments. Transactions involving crypto typically require specific Merchant Category Codes (MCC), but in this case, the MCC of 5815 was assigned, which refers to 'digital goods' such as audiovisual media and music.