Visa tightens card classification for memecoin purchases
- —Visa has asked processors, including Checkout.com, to update their systems by next week
- —Test memecoin purchases were assigned code 5815, intended for movies and audiobooks
- —JPMorgan said at least one transaction was miscoded and opened a case with Visa
- —There is no ban on buying memecoins — only the category and cashback accrual are changing
Why it matters: The code change will strip memecoin purchases of standard card rewards and tighten banks' control over crypto transactions.
Source: Cryptonews.net