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The report concerns a checkout offered through Robinhood Wallet and Fomo. It does not establish a change affecting every card-funded memecoin purchase.
Key Takeaways
- Visa reportedly rejected digital-media coding for memecoins.
- Tested memecoin purchases earned ordinary card rewards.
- Crypto coding may end rewards or trigger fees.
- Securities law does not control card treatment.
- Mastercard has not disclosed an equivalent move.
How a memecoin purchase earned ordinary card rewards
An investigation published by The Block on September 1 tested purchases of the WIF memecoin through Robinhood Wallet and Fomo. Crossmint powered the checkout, while the buyers paid with Visa and Mastercard credit cards through Apple Pay or Google Pay.
The transactions were assigned merchant category code 5815, which is normally used for el...
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