Visa Cracks Down on Memecoin Card Code Misclassifications

Visa is making changes to how it classifies memecoin purchases after scrutiny over transactions receiving the wrong merchant category code.

The company has asked payment processors to stop using the digital-media category for these types of transactions, which are currently being classified with the code 5815. This code typically covers digital goods such as movies and audiobooks, but cryptocurrency purchases use different codes.

JPMorgan Chase challenged the classification of at least one Visa transaction, while the New York Attorney General's Office is reviewing the issue. Crossmint processed the transactions, which could qualify for standard card rewards despite involving cryptocurrency.