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Sep 19, 2026

Visa moves to close memecoin credit card rewards loophole

Visa is stopping crypto payment processors from categorizing memecoin purchases as 'digital media,' which allowed users to earn credit card rewards on speculative token purchases.

Sep 19, 2026·3 sources

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Top claims

▪Crossmint defended its use of merchant category code 5815 by citing a 2025 SEC staff statement that characterized certain memecoins as collectibles rather than securities
▪An investigation by The Block published on September 1, 2026, revealed that memecoin purchases on Robinhood Wallet and Fomo apps, powered by Crossmint, were processed as digital goods media without cryptocurrency flags
▪Memecoins should be classified as digital collectibles rather than cryptocurrencies for payment processing

Topics

Meme coins Crypto payments regulation Payments Crypto regulation