Meme Coins Get a Tap-to-Buy Boost as Robinhood Wallet Enables Credit Card Payments

Robinhood Wallet and social trading app Fomo have launched a feature that allows users to purchase meme coins using credit cards through Apple Pay and Google Pay. The move is powered by Crossmint's Token Checkout, which enables on-chain purchases with a single tap.

Transactions are processed on the Robinhood Chain network and categorized under the merchant category code for 'digital goods media.' This classification typically covers products such as audiobooks and digital movies, but in this case, it allows users to qualify for rewards including points, miles, and cash back.

Chase has launched a review of the payment method amid concerns that it could circumvent existing card rules for crypto purchases. The New York Attorney General's Office is also aware of the issue and reviewing it.