Visa Reconsiders Classification of Crossmint Meme Coin Purchases Amid Chase Concerns

Visa is re-examining how transactions for meme coins bought through Crossmint are classified, following a report that some purchases were incorrectly categorized under 'digital goods/media' with standard card rewards applied. According to PostSite News, Visa has reportedly instructed payment processors not to classify such transactions under the 'digital goods/media' category and is reviewing the classification process. However, Visa told Block later it was still assessing whether an error occurred. Earlier, Block reported that transactions for meme coins purchased via Crossmint through Robinhood Wallet and Fomo were processed using merchant code 5815, typically used for digital goods/media. This allowed some users to pay with Visa or Mastercard without additional identity verification and receive standard points or cashback. Chase has determined the transactions were not properly categorized as cryptocurrency purchases and requested Visa review the classification.