Visa Shuts Down Memecoin Rewards Workaround

Visa has instructed its processors to stop coding memecoin purchases as digital media, effectively ending rewards on such transactions. The move targets a workaround that allowed credit card users to earn standard rewards points or cash back on memecoin purchases.

The directive specifically addresses merchant category code 5815, typically reserved for digital media like e-books and streaming content, which was being used to classify memecoin buys as ordinary retail spending. This coding change does not prohibit card-funded memecoin purchases but removes the rewards advantage and exposes the transactions to individual bank restrictions.

Crossmint's checkout system, used by Robinhood Wallet and Fomo applications, is affected by the decision. The company defended its approach, citing a 2025 SEC staff statement that described certain memecoins as akin to collectibles rather than securities.