Credit-card memecoin buys are available through Robinhood Wallet and Fomo, which allow users to purchase tokens without separate KYC forms at checkout. Crossmint processes payments and delivers tokens directly to users’ wallets.
The Block reported users can select tokens such as dogwifhat and pay through Apple Pay or Google Pay. Fomo chief executive Se Yong Park said buying a memecoin should feel like paying for coffee. Crossmint strategy head Fonz Olvera described part of the checkout system as “secret sauce.”
Crossmint said Fomo’s integration increased active traders sevenfold within one week. Its system has processed transactions for more than 68,000 customers new to cryptocurrency. Crossmint raised $75 million in Series B funding in June, reaching a $550 million valuation. Robinhood integrated Crossmint last month.
Card classifications draw scrutiny
The issue centers on card-network categorization. The Block found Visa and Mastercard transactions involving WIF carrying Merchant Category Code 5815. Visa describes the code as digital goods, including books, movies, music and audiovisual media.
Visa’s April 2026 manual states cryptocurrency transactions should use MCC 6012 or 6051 with Special Condition Indicator 7 and a quasi-cash signal. Mastercard’s June 2026 rules also assign crypto transactions MCC 6051, alongside additional category and transaction type identifiers.
Chase told The Block that one Visa transaction had not been categorized as cryptocurrency and appeared incorrectly classified. The bank said rewards were improper and complained to Visa. The New York Attorney General is also aware of the matter and is reviewing it.
Crossmint defends digital goods treatment
Crossmint said the 5815 classification was reviewed with relevant partners during onboarding and is appropriate for eligible digital collectibles. The company cited the Securities and Exchange Commission’s February 2025 staff statement on typical memecoins.
That statement said some memecoins are acquired for entertainment, social interaction, and cultural purposes. It also said their value is often driven by speculation and demand. The SEC described such assets as potentially “akin to collectibles” and said covered transactions generally do not constitute securities offerings.
However, payment classification and securities law involve separate standards. Payments experts told The Block that a token may fall outside securities rules while still qualifying as cryptocurrency under card-network requirements.
Retail access expands as oversight grows
Crossmint said its checkout still applies anti-money-laundering monitoring and fraud controls despite no separate KYC form during purchase. The issue extends beyond Robinhood Wallet and Fomo as regulators and payment companies examine card-based memecoin purchase classifications.
In August, more than 99% of Robinhood Chain trading volume came from memecoin activity, despite the network’s focus on tokenized stocks. Easier card purchasing places card-network classifications, rewards policies, and crypto payment rules under greater scrutiny.
