CoinScoopVisa Reportedly Closes Merchant Code Loophole Used for Meme Coin Purchases
Visa is reportedly requiring payment processors to stop classifying certain meme coin purchases as 'digital media' (MCC 5815), a loophole that allowed users to earn credit card rewards on crypto transactions. The change, which affects platforms like Robinhood Wallet and Fomo that utilize Crossmint, mandates the use of standard crypto-related merchant codes (MCC 6012 or 6051).
Summaries are written by AI from the original article. Not investment advice.