Robinhood Wallet and social trading app Fomo have launched an integration that lets users buy memecoins with credit cards through Apple Pay and Google Pay, eliminating a separate know-your-customer (KYC) step at checkout. The payment rail, powered by Crossmint’s Token Checkout, processes transactions on the Robinhood Chain network and classifies them under merchant category code MCC 5815, which is typically used for digital goods such as audiobooks, movies and music.
The classification has triggered formal inquiries. Chase told The Block it filed a complaint with Visa after a test transaction was not classified as crypto and rewards points were awarded; under Chase’s ultimate rewards program, cryptocurrency transactions are cash-like and do not earn points. The New York Attorney General’s office also confirmed it is aware of the matter and reviewing it.
Fomo chief executive Se Yong Park described the goal as making memecoin purchases feel no different from paying for morning coffee. Crossmint’s head of strategy, Fonz Olvera, said the no-KYC structure is proprietary, calling part of it “secret sauce” and the rest a tight integration into mobile checkout. Crossmint reported active traders on Fomo increased seven times within a week after launch, and that its setup has processed transactions for more than 68,000 new crypto customers. In June, Crossmint raised a $75 million Series B at a $550 million valuation, and Robinhood added the payment option last month.
Card network rules illustrate the mismatch. Visa’s April 2026 manual requires crypto transactions to use MCC 6012 or 6051 with a quasi-cash signal, while Mastercard’s June 2026 rules assign MCC 6051 with a quasi-cash transaction category. By contrast, tests showed dogwifhat purchases routed through MCC 5815. Crossmint argues the classification was vetted during onboarding and fits eligible digital collectibles, citing the SEC’s February 2025 staff statement that memecoins may be “akin to collectibles” and generally are not securities. Payments experts, however, say securities law and card-network classification are separate questions, and a token can be outside SEC jurisdiction while still qualifying as crypto under payment-network rules.
The implications go beyond two apps. Cryptopolitan reported in August that more than 99% of Robinhood Chain’s trading volume came from memecoin activity despite the network’s focus on tokenized stocks. Making those assets as easy to buy as any card purchase could bring more retail money into the speculative memecoin market, while forcing issuers, acquirers and card networks to decide where a “digital collectible” ends and a cryptocurrency transaction begins.
