Robinhood Wallet, Fomo Roll Out Credit Card Purchases for Memecoins
Robinhood Wallet and Fomo have made it easier for users to buy memecoins using credit cards, integrating with Apple Pay and Google Pay without requiring separate ID verification or KYC checks. The integration runs on Crossmint's Token Checkout, which handles payment rails and allows users to fund on-chain purchases with a single tap.
The process is designed to be frictionless: users open either Robinhood Wallet or Fomo, pick a token, and checkout using their linked card. No exchange deposit, wire transfer, or waiting for funds to clear is needed; one tap, and the token is acquired.
Chase has reportedly flagged these transactions over potential violations of its terms with Visa, evaluating whether the 'digital goods media' classification accurately represents memecoin purchases. This could impact credit card rewards, as some cards award points or cash back on 'digital goods media' purchases.
The integration is part of Robinhood Chain's strategy to establish itself alongside more mature networks, and Fomo's non-custodial model allows users to buy tokens directly into wallets they control without depositing funds with a centralized entity.