Visa is mandating that payment processors stop using merchant category code 5815 for memecoin transactions. This code, intended for digital goods and media, allowed users to receive credit card rewards on crypto purchases, which are typically excluded from such programs.
The issue stemmed from the platform Crossmint, which classified memecoins as collectibles. This integration with Robinhood Wallet and the Fomo app enabled transactions to be processed under MCC 5815. Previously, users could spend up to $1,000 daily without KYC verification, with a total volume cap of $1 million.
Chase identified the coding anomaly and alerted Visa. Following a report by The Block on September 1, 2026, Visa confirmed the misclassification and began working with processors like Checkout.com to enforce the change. As of September 19, 2026, all memecoin purchases must use crypto-specific codes.
The compliance grace period ends next week. While the purchase functionality remains active on affected platforms, the reclassification will end the eligibility for points and cash back. Additionally, the shift to crypto-specific rules may lead to stricter KYC requirements for users.
