Credit Cards Now Used to Buy Memecoins on Fomo and Robinhood Wallet

Users of Fomo and Robinhood Wallet can buy memecoins like 'dogwifhat' (WIF), 'testicle,' or three different tokens with the ticker 'ASTEROID' using credit cards through Apple Pay or Google Pay, earning card rewards on the purchase.

This process sidesteps traditional crypto rules which require cryptocurrency purchases to use specific merchant category codes and carry special flags indicating the transaction involved crypto assets.

Crossmint's token checkout product is behind this seamless checkout experience for memecoins. According to Fonz Olvera, Head of Strategy at Crossmint, their product 'embeds the checkout correctly into the mobile application' handling all orchestration with Apple Pay and Google Pay.

However, Visa has disputed the way Crossmint's transactions were categorized, with a Chase spokesperson stating that an incorrect code was used. The Block confirmed test purchases of WIF using credit cards on both the Visa and Mastercard networks, which were delivered directly to either Fomo or Robinhood Wallet's app wallets after a simple Apple Pay credit card checkout.

While the purchase process did not include a Know-Your-Customer (KYC) flow, Crossmint maintains that their token checkout product includes AML monitoring by dedicated anti-fraud experts.