Robinhood Memecoin Buys Coded as Digital Media: Will Visa Force a Change?
Buying a joke coin on Robinhood Wallet now looks a lot like buying a movie. Reported test purchases through payments firm Crossmint posted on Visa and Mastercard as digital media, not as crypto.
One code decides who earns credit card rewards. Chase says the wrong one was used, and it has taken the case to Visa.
Why the Robinhood Memecoin Code Matters
Visa's rulebook is such that crypto buys must use merchant category code (MCC) 6012 or 6051. They must also carry a quasi-cash flag, which strips most reward points.
Reported tests of dogwifhat (WIF) buys came back as 5815 instead. That code covers books, films and music sold online. Points and cashback posted as normal.
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