Robinhood Wallet and the social trading app Fomo now allow retail traders to purchase memecoins with credit cards via Apple Pay and Google Pay, without ID verification or KYC checks at the point of sale. These transactions are processed on Robinhood Chain, whose mainnet launched on July 1, and are classified under the merchant category code « digital goods media » rather than as cash advances. Chase has flagged these transactions and is investigating whether this classification violates its terms with Visa. This categorization enables some users to earn points, miles, or cash back on volatile token purchases, which is unusual since credit card networks typically treat crypto purchases as cash advances. This integration represents a growth strategy for Robinhood Chain, which is seeking to establish its activity among memecoin traders.
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