Crypto merchant category code 6051 explained
Mastercard's rules say the purchase of cryptocurrency must use merchant category code 6051, which covers quasi cash. That classification affects how card issuers treat the payment, including whether some cards decline it and whether a cash advance fee applies, so it is worth understanding before you launch card payments on an exchange or on-ramp.
Merchant category codes for crypto
The codes businesses in this sector come across most. Your provider sets the code when your account is opened, based on what you tell them about how you trade.
| Code | Industry | More |
|---|---|---|
| 6051 | Quasi cash, including cryptocurrency purchases | Financial trading payment gateway |
| 6211 | Stockbrokers, forex and trading platforms | Financial trading payment gateway |
| 4816 | Web hosting, internet and online information services | Ecommerce payments |
| 7372 | Software development and IT systems | Ecommerce payments |
What quasi cash means
Quasi cash covers things that behave like cash, such as foreign currency and money orders. Buying cryptocurrency with a card falls into the same bucket. Some card issuers decline quasi cash on certain cards, and some treat it like a cash withdrawal on credit cards. Telling customers that up front saves a lot of support tickets.
Getting customers through checkout
Approval rates on crypto purchases depend on the card, the issuer and the customer's history. Debit cards usually go through more smoothly than credit cards. Clear messaging at checkout, 3D Secure on every payment and a fallback such as Open Banking for customers whose card is declined all help.
Settlement in pounds
Customers pay by card and the business is settled in GBP, or in one of 25+ settlement currencies, the next working day with no rolling reserve. That keeps the card side of a crypto business predictable while markets move.
Card payments for crypto, opinions from our specialists
Short views from our specialists, published to start a conversation. Agree or disagree, tell them on LinkedIn.
Crypto businesses spend heavily on compliance and then lose card customers at checkout because nobody explained quasi cash to them. Get the checkout messaging right and a lot of failed payments simply stop.
Clear messaging matters, but so does honesty about fees. A customer who sees the full cost before paying is much less likely to dispute it afterwards.
What to check in a card payments setup for crypto
Three questions worth asking any provider, and the eCom Pay answer.
Open Banking as a fallback
Pay by bank for customers whose card issuer declines quasi cash.
3D Secure on every payment
Stronger authentication and fewer fraud disputes.
GBP settlement next working day
No rolling reserve on a volume that moves with the market.
Questions about merchant category codes for crypto
What is the MCC for buying crypto with a card?
6051, quasi cash. Mastercard's rules say the purchase of cryptocurrency must use this code.
Why do some cards decline crypto purchases?
Some card issuers restrict quasi cash transactions, or treat them like cash withdrawals on credit cards. Debit cards usually have fewer restrictions.
Can a UK crypto exchange take card payments?
Yes. Registered crypto businesses can take card payments on an account set up for the sector, with settlement in GBP the next working day.
More industry guides
Card payments for crypto, set up properly
Approved in 24 hours once your documents are in, settled the next working day with no rolling reserve, and a UK team on the phone 24/7.