TREE NEWS update: Visa is shutting down a checkout loophole, supported by crypto payment infrastructure firm Crossmint, that let users buy meme coins with credit cards while transactions were classified under merchant category codes for digital media such as ebooks, films and music. Visa has told processors including Checkout.com to stop using the code for meme coin purchases, with a grace period expected to end next week. Meme coin buys must then be treated as crypto transactions under Visa’s rules.
Visa Closes Meme Coin Credit Card Rewards Loophole
AI take
The crackdown matters less for meme coin demand than for the payments plumbing that made card-funded crypto buying feel frictionless. Reclassifying these purchases as crypto transactions restores Visa's risk and fee framework, shifting costs onto merchants and processors that had benefited from the digital-media code. The open question is whether card-funded meme coin buying simply migrates to other rails or processors, and how aggressively Visa extends the same scrutiny to adjacent crypto categories.
Generated by AI for reference only.
Share on WeChat
Open WeChat → Scan → then tap "…" to send to a chat or Moments.
Tap "…" in the top-right corner to send to a chat or share to Moments.
Related News
27m ago
China’s Civil Aviation Green Development Plan Sets 2030 Carbon Targets
29m ago
Qin Shuo sues Douyin VP Li Liang for defamation
30m ago
China’s NRTA: Platforms Remove 11,000+ ‘AI-Altered’ Videos in October
45m ago
China’s MIIT Seeks Public Comment on 7 Industry Standards Including Metaverse Content Management
49m ago
Hong Kong Monetary Authority Launches Project SAGE, Forms Agentic Finance Expert Panel
1h ago
Bitcoin Holds Firm After Record Binance Hack, Traders Say