Visa is moving to tighten how memecoin purchases are classified after some card transactions received a digital-media merchant code.
The change follows scrutiny of purchases through Robinhood Wallet and Fomo using Visa and Mastercard cards via Apple Pay or Google Pay. Crossmint processed the transactions, which could qualify for standard card rewards despite involving cryptocurrency.
JPMorgan Chase challenged the classification of at least one Visa transaction, while the New York Attorney General’s Office said it was reviewing the issue. Visa is now reportedly asking payment processors to stop using the digital-media category for memecoin purchases.
Test purchases made with Visa and Mastercard cards received merchant category code 5815. The code covers digital goods such as movies and audiobooks.
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Cryptocurrency purchases use different merchant codes, making the classification relevant to how card issuers handle transactions. JPMorgan Chase said at least one Visa transaction carried the wrong code and that it opened a case with Visa.
Visa has since told payment processors, including Checkout.com, to stop using the digital-media category for memecoin purchases. Processors reportedly have until next week to update their systems.
SEC Guidance Remains Separate
Crossmint cited a 2025 SEC staff statement on memecoins. However, that guidance concerns securities law and does not determine card-network classifications.
Visa’s move does not ban memecoin purchases with cards. Instead, supported transactions will receive cryptocurrency-related classifications, which could affect how card rewards are applied.
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