Payoneer Suspends Payoneer Prepaid Card After Wirecard Insolvency Crisis

Payoneer has suspended Payoneer Prepaid Card, the users will be unable to use the card for payments and withdrawl of money.

This statement was annoucned by Payoneer through an email to all of the users;

It is reported that along with a few limitations, the FCA (Financial Conduct Authority) of the UK has also ordered Wirecard Card Solutions Ltd, consisting of ref. No. FRN 900051, to call off its regulatory financial activities. This UK company that fired concerning insolvency, this Thursday, is a subsidiary of a German organization; Wirecard AG. Every prepaid Mastercards of Payoneer got effected being issued by Wirecard, UK.

Digital Phablet correspondents reached out to Payoneer to have a comment on this situation.

The German financial services and payment provider firm, Wirecard AG, got listed on the Frankfurt Stock Exchange. Thus, they filed for insolvency because of the current scandal of a gap of $2 billion. The CEO concerning this big financial scandal, Markus Braun was being arrested. This wave of shock has now spread worldwide.

Wirecard UK is supervised and authorized by FCA UK in order to serve e-money and deliver payment services concerning e-money into the prepaid cards. FCA has now claimed a number of statements on the Wirecard UK, including that the organization could not:

• Should not dispose of any assets or funds.
• Should not hold on any regulated activities.
• Should set out a statement on its website and communicate to customers that it is no longer permitted to conduct any regulated activities.
• This follows publication to the FCA’s Register of a number of requirements that have been applied to Wirecard’s authorization from 19 June 2020.

Yet Payoneer states that the funds of their cardholders are secure and the freezing idea is temporary. They further shared that they are working on servicing extra options.

The other firms that are also affected, yet indirectly, by this scandal are; Revolut, Pokit, and Curve.

Payoneer is well-known within Africa among its freelancers those who earn through online freelance platforms. These platforms that involve Payoneer Prepaid Card are Fiverr, Upwork, Getty images, Freelancer, 99designs, evanto, People per hour, Topcado, Affiliate by Conversant, and Pond5.

This is a developing story, we will update it as soon as we have more information.