Visa Presses for Change in Meme Coin Payment Categorization…Potential Card Reward Restrictions

Visa has reportedly requested that payment processors refrain from classifying meme coin purchases as 'digital media goods.' According to Ublockchain citing Crypto in America, Visa's relevant regulatory grace period is expected to end next week. The Block reported on September 1 that Robinhood Wallet and Fomo processed transactions through Crossmint using Visa and Mastercard credit cards for purchasing meme coins under merchant category code (MCC) 5815, typically used for digital goods and media. This allowed standard card points or cashback to be applied. Visa declined to disclose specific details about the review but stated that if it identifies potential network rule violations, it will conduct a review and take necessary actions. Crossmint maintains that meme coins can be viewed as digital collectibles.