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- Visa told payment processors to stop classifying meme coin purchases as ordinary digital-media transactions.
- Processors received a grace period expected to expire during the week beginning Sept. 21.
- Crossmint maintained its procedures for digital goods have not changed and remain in good standing.
Visa has reportedly told payment processors to stop classifying meme coin purchases as ordinary digital-media transactions. The change targets a payment flow that allowed some credit card purchases of crypto to earn standard points or cash-back rewards.
Crossmint Purchases Were Coded as Digital Goods
The issue centers on merchant category code 5815, which Visa uses for electronically delivered digital content. Tests described in the original reporting found that some meme coin purchases generated ordinary card rewards because they were coded as digital-goods transactions rather than crypto purchases.
The transactions used crypto infrastructure provider Crossmint, whose checkout technology is integrated with Fomo and Robinhood Wallet. Crossmint’s own materials say its token checkout allows purchases with credit and debit cards, Apple Pay and Google Pay.
Visa Rules Specify Separate Crypto Transaction Coding
Visa’s public rules specify designated merchant category codes for transactions involving non-fiat currency, including 6051, 6012, 4829 or 6540 depending on the transaction structure. They also require additional information identifying the type of non-fiat asset involved.
For blockchain-native tokens or coins, Visa lists special condition indicator 3. MCC 5815 is not among the codes listed in Visa’s table for acquiring non-fiat currency with a card or supported digital wallet.
Processors Reportedly Told to Change Classification
Visa reportedly informed industry participants that MCC 5815 should not be used for meme coin purchases. Checkout.com, which participates in Crossmint’s payment flow, was reportedly among the processors instructed to change the classification.
Processors were given a grace period expected to expire during the week beginning Sept. 21, although no exact deadline has been publicly disclosed. The reported change concerns transaction coding and does not prohibit consumers from buying meme coins with cards.
Crossmint Maintains Its Existing Treatment Was Appropriate
Crossmint has maintained that its procedures for digital goods have not changed. The company has said it remains in good standing with Visa, Mastercard and its other card-network partners and would update its procedures if applicable guidance changes.
The dispute leaves the payment classification, rather than the availability of the checkout itself, at the center of the change. Crossmint-powered token purchases remained available through Fomo and Robinhood Wallet when the transactions were last checked on Sept. 19.
