Visa Changes Merchant Classification for Memecoin Purchases

Visa is taking steps to change how certain memecoin purchases are classified within its payment network. The move follows an investigation by The Block that found some transactions made through Robinhood Wallet and Fomo were processed under a digital-media merchant category instead of one associated with cryptocurrency.

The transactions in question were processed through Crossmint, a crypto payments infrastructure provider, using Visa and Mastercard cards linked to Apple Pay or Google Pay. According to the report, users could purchase memecoins through Robinhood Wallet and Fomo, receiving standard rewards that generally do not apply to cryptocurrency transactions.

However, JPMorgan Chase questioned the classification, telling The Block that at least one Visa transaction had been assigned an incorrect merchant category code and therefore should not have qualified for the associated credit card rewards. The New York Attorney General's Office also confirmed it was aware of the issue and reviewing the matter.

Visa has reportedly informed payment processors, including Checkout.com, that the digital-goods-and-media category will no longer be accepted for memecoin purchases. Crossmint defended the classification by pointing to a 2025 SEC staff statement concerning certain memecoins, but Visa's move does not change the fact that users can continue purchasing memecoins through card-supported services.