Visa is closing a loophole in Crossmint-powered checkouts that allowed meme coin purchases made with credit cards to be processed under a merchant code intended for digital media, enabling users to earn rewards such as points or cash back. Chase challenged the misclassification with Visa, and the New York attorney general’s office is also reviewing the matter. Payment processors, including Checkout.com, have been given a grace period expiring next week to wind down the practice. Meme coin purchases will now have to be processed as crypto transactions and will be subject to Visa’s corresponding rules and restrictions.
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