Chase Requests Visa to Review Misclassification of Meme Coin Purchases

Chase has reportedly asked Visa to review a situation where meme coin purchases were processed as standard digital goods transactions, allowing credit card points and cashback rewards. The Block reported on January 1 that users could purchase some meme coins via Apple Pay or Google Pay linked to Visa or Mastercard credit cards through Robinhood Wallet and Fomo, with no additional identity verification required and regular card rewards applied. In The Block's test transactions, these purchases were processed under the merchant category code (MCC) 5815, typically used for e-books, movies, and digital music. Visa regulations require MCC 6012 or 6051, along with a specific virtual asset designation, for direct cryptocurrency purchases. Chase stated that the transactions were not labeled as cryptocurrency purchases and that the incorrect MCC application was identified, prompting their request to Visa for review. Visa acknowledged potential network rule violations but did not disclose specific details of the review.