Two mobile applications now let users buy memecoins with a credit card, minimal cryptocurrency knowledge and no additional identity-verification form at checkout. The purchases are processed through a payment code commonly used for digital media transactions.
The Block identified the setup, which could remove one of the biggest barriers to retail crypto adoption: moving fiat currency onto a blockchain quickly from a mobile phone.
One-tap memecoin purchases without an additional KYC form
Users of Robinhood Wallet and Fomo can select tokens such as dogwifhat ($WIF) and pay by credit card through Apple Pay or Google Pay, according to The Block.
Neither app requires users to complete an additional know-your-customer (KYC) form during the transaction. Crossmint, the crypto payments company powering the process, transfers the purchased tokens directly to customers’ wallets.
The main attraction is convenience. Fomo chief executive Se Yong Park said buying a memecoin should feel no different from paying for morning coffee. Crossmint Head of Strategy Fonz Olvera told The Block that the no-KYC structure is proprietary, calling part of it “secret sauce” and describing the remainder as a close integration between the checkout process and the mobile application.
Crossmint said the results have been significant. The company’s report on its Fomo integration showed that the number of active traders increased sevenfold within a week of launch. Crossmint also said its system has processed transactions for more than 68,000 customers who were new to cryptocurrency.
In June, Crossmint raised $75 million in a Series B funding round, valuing the company at $550 million. Robinhood added Crossmint’s payment option to its wallet last month.
Why the transactions were coded as digital media purchases
The controversy centers on how the transactions were classified. The Block reported that transactions in which $WIF was purchased using Visa and Mastercard were assigned Merchant Category Code (MCC) 5815.
Visa’s Merchant Data Standards Manual defines MCC 5815 as “digital goods”, covering “audiovisual media including books, movies, and music.” Purchases in New York also reportedly received standard credit card rewards.
Crypto transactions are generally expected to use different classifications. Under Visa’s April 2026 manual, transactions involving cryptocurrency must use MCC 6012 or 6051, along with Special Condition Indicator 7 and a quasi-cash transaction signal.
Mastercard’s rules issued in June 2026 assign cryptocurrency transactions MCC 6051, or “Quasi Cash: Merchant”, a transaction category code of TCC U, and a transaction type identifier of P70 for floating cryptocurrencies and additional tokens. Transactions involving fiat-backed stablecoins and central bank-issued digital currencies use P76.
Card-network crypto treatment versus the MCC 5815 coding observed in The Block’s tests
Credit card rewards and regulatory scrutiny
Rewards policies add another complication. Chase’s Ultimate Rewards Program Agreement for the Sapphire Preferred card treats cryptocurrency transactions as cash-like transactions. As a result, they do not qualify as purchases and do not earn points.
Chase told The Block that the Visa transaction in question was not classified as a cryptocurrency transaction, meaning the category was incorrect and the points should not have been awarded. Chase has filed a complaint with Visa. The New York Attorney General is also aware of the matter and is investigating.
Crossmint’s digital-collectibles argument
Crossmint said the MCC 5815 classification was reviewed with relevant partners during onboarding and was appropriate for eligible digital collectibles. The company also cited the SEC’s position that some memecoins may resemble collectibles rather than securities.
In a February 27, 2025 staff statement, the SEC’s Division of Corporation Finance said typical memecoins are purchased for entertainment, social interaction and cultural purposes, with prices driven mainly by speculation and demand. The agency described them as potentially “akin to collectibles” and said transactions involving the types of memecoins discussed generally do not constitute securities offerings, while emphasizing that the specific facts of each case remain important.
However, securities law and card-network classification address different issues. Payments experts told The Block that a token can fall outside federal securities regulation while still being treated as cryptocurrency under payment-network rules.
Crossmint said its checkout process includes anti-money-laundering monitoring and fraud controls, even when customers are not presented with a separate KYC form.
What easier memecoin purchases could mean for retail crypto
The implications reach beyond Robinhood Wallet and Fomo. Cryptopolitan reported in August that memecoin activity accounted for more than 99% of Robinhood Chain’s trading volume, despite the network’s focus on tokenized stocks.
Making memecoins as easy to purchase as any other card-funded digital product could bring more retail money into one of cryptocurrency’s most speculative sectors. It could also force card issuers, acquiring banks and payment networks to determine where a “digital collectible” ends and a crypto transaction begins.
