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DEGEN Visa requires payment processors to stop classifying meme Coin credit card transactions as digital media.
Visa has notified payment processors to stop coding Meme Coin credit card transactions as the "digital media" category. Previously, this loophole allowed such purchases to earn credit card points and enjoy a grace period. It is reported that the grace period is expected to end this week.
Crossmint uses code 5815 to settle tokens
This circumvention is hidden in the checkout system of cryptocurrency payment company Crossmint. Its technology supports bankcard-based token purchase capabilities in the Fomo and Robinhood Wallet apps. According to A survey by The Block, customers can use Apple Pay or Google Pay to purchase tokens through Visa and Mastercard credit cards without requiring separate authentication.
These transactions are classified under the Merchant Classification Code (MCC) 5815, which was originally used for digital goods such as e-books, streaming movies and music. Since transactions are never marked as cryptocurrency, users receive regular points and cash refunds.
Citibank challenges a charge, and the New York State Attorney General's Office steps in to review
Earlier this month, Cryptopolitan reported that Visa's own rules require cryptocurrency purchases to use the code 6012 or 6051, with a quasi-cash signal attached. Citibank's reward terms treat cryptocurrency transactions as cash transactions and do not grant any points.
Citibank said one Visa charge was incorrectly coded and was never marked as a cryptocurrency purchase and should not trigger a reward. The bank subsequently filed a case with Visa disputing the classification. A spokesman for New York Attorney General Letitia James said her office had taken note of the matter and reviewed it.
Industry participants received notice that digital commodity codes are no longer applicable to memin purchases
According to people familiar with the matter, Visa informed at least one industry participant in an exchange of letters that memin purchases do not meet the definition of digital commodity codes. Several payment processors, including Checkout.com, have been told that Visa will no longer accept corresponding codes for such transactions.
Crossmint defended its coding methods, citing an employee statement issued on February 27, 2025 by the U.S. Securities and Exchange Commission's (SEC) Corporate Finance Division. The statement stated that typical memes are similar to a "collectibles" rather than a securities issuance. The company said that during its stay, the 5815 classification had been confirmed with its partners and obtained permission. Yesha Yadav, a professor at Vanderbilt University School of Law, pointed out that the SEC's guidelines and card organization rules belong to two different regulatory systems.
Crossmint said its process for processing digital goods remains unchanged. After questions were raised about how Crossmint classified GENIUS and DEGEN tokens, the two tokens were removed from the purchase channels of Apple Pay and Google Pay in the two apps.
Memo purchases continue, but the reward mechanism may expire
截至周六，Fomo和Robinhood Wallet上的模因币购买仍在进行，Crossmint的结账系统依然在线。然而，一旦这些购买转为标准的加密货币交易处理，相关的奖励积分可能会随之失效。
Cryptopolitan曾在5月报道，Visa占据了链上银行卡支付90%的市场份额。
