Wirecard issues and Payoneer

TimelyHedgehogTimelyHedgehog Member Posts: 1
edited June 19 in Ask The Community
Hi,

Wirecard is on the news, its CEO resigned and the stock crashed due to failing regulatory checks with 1.9B$ missing/unaccounted for. https://www.wsj.com/articles/mystery-surrounding-wirecards-missing-2-billion-deepens-as-banks-say-they-dont-have-it-11592562966


My Payoneer card is issued by Wirecard Card Solutions Ltd. What role does Wirecard play in regards to our Payoneer funds? Is our money safe and why?

Thank you.
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Comments

  • slivaroslivaro Member Posts: 12 ✭✭
    Hello,

    I just saw the news and I am asking the same, Is our money in jeopardy here?

    Any statement from Payoneer regarding the current situation is appreciated.
  • Leonid_PayoneerLeonid_Payoneer Administrator Posts: 630 ✭✭✭

    Hi,

    In regards to recent news reports about Wirecard, we can confirm that the funds stored on your Payoneer Prepaid MasterCard® Card are safe and secure. Your Payoneer Prepaid MasterCard® Card is an e-money product issued by Wirecard Card Solutions Limited, regulated in the United Kingdom by the FCA (Financial Conduct Authority), reference (900051). As an authorized e-money issuer, Wirecard Card Solutions Limited complies with the requirements of UK Electronic Money Regulations 2011, which are designed to ensure the safety of the funds stored on your card. Even in the unlikely event of insolvency of Wirecard Card Solutions Limited, the funds held on your card would remain secure as they are held in safeguarded accounts at regulated credit institutions in the EEA and designated as customer funds.

  • emilmatei_roemilmatei_ro Member Posts: 28 ✭✭
    Hi

    Will Payoneer issue another card in case of Wirecard insolvency?
  • slivaroslivaro Member Posts: 12 ✭✭
    Here you can read more on UK Electronic Money Regulations 2011 in the case of insolvency: http://www.legislation.gov.uk/uksi/2011/99/regulation/24/made
  • emilmatei_roemilmatei_ro Member Posts: 28 ✭✭
    sure, my question is if Payoneer is prepared to replace the prepaid cards issued by Wirecard if they suddenly stop working? they've been proactive with Brexit, hopefully they're working on a solution to avoid any disturbance of the service.
  • slivaroslivaro Member Posts: 12 ✭✭
    Someone from Payoneer staff can answer that. I hope they have alternatives.
  • nikolapridanikolaprida Member Posts: 2
    Hi, I would like to know if you plan to change the bank in the future or what happens with future payments and current money
  • fp12fp12 Member Posts: 2
    edited June 25
    WireCard has now filed for insolvency: https://www.theguardian.com/business/2020/jun/25/wirecard-files-for-insolvency-amid-german-accounting-scandal

    Given how much payoneer relies on them to hold our funds, I believe the current response by the company is **totally unacceptable**. I would expect Payoneer to explain what measures are being taken to ensure there won't be issues now or later, and maybe take steps to replace your current e-money issuer and issue new cards.
  • bubadubabubaduba Member Posts: 21 ✭✭
    I think a lot of us are interested in this topic. Fully expecting our cards to stop functioning soon and Payoneer will have to reissue new ones from another provider or stop offering prepaid cards altogether.

    Wirecard is on track to stop existing.
  • Leonid_PayoneerLeonid_Payoneer Administrator Posts: 630 ✭✭✭

    We completely understand the concerns raised in this thread.
    We've prepared this blog post to explain the situation better and answer how Payoneer is making sure that our clients' funds are secure.

  • bubadubabubaduba Member Posts: 21 ✭✭
    This is why Payoneer is the best! Thanks for the fast reaction and hopefully you can find alternative card issuers in future just so our Prepaid cards are extra safe. Thanks!
  • slivaroslivaro Member Posts: 12 ✭✭
    > @Leonid_Payoneer said:
    > We completely understand the concerns raised in this thread.
    > We've prepared this blog post to explain the situation better and answer how Payoneer is making sure that our clients' funds are secure.

    Thanks for the update, appreciate it!
  • vino97vino97 Member Posts: 17 ✭✭
    Hi,

    Thanks again to Payoneer for answering our questions on all of these concerns.

    But I have one that has not yet been asked and which seems to depend on the future of Wirecard : our receiving accounts in EUR from the Global Payment Service.

    Details about these receiving accounts are provided by Wirecard Bank AG. What does this mean for the availability of global payment services on SEPA transactions? Can we continue to provide these informations to our customers for our future payments? Or will the global payment services in EUR be temporary interrupted?

    Thank you.
  • nicknicknicknicknicknick Member Posts: 2
    Yes, the global payment service it's a good question indeed. I asked about the card but forgot to mention the account itself.
  • vino97vino97 Member Posts: 17 ✭✭
    I went through the blog post again, and read in the section 4 of the FAQ that if it were to happen, we could still get paid into our Payoneer account, and hold funds in our EUR balance.

    This may mean that the Global Payment Service in EUR will always be available with actual bank informations no matter what happen to Wirecard Bank AG. But more clarification from Payoneer about this is welcome.
  • Leonid_PayoneerLeonid_Payoneer Administrator Posts: 630 ✭✭✭

    @vino97 said:
    Hi,

    Thanks again to Payoneer for answering our questions on all of these concerns.

    But I have one that has not yet been asked and which seems to depend on the future of Wirecard : our receiving accounts in EUR from the Global Payment Service.

    Details about these receiving accounts are provided by Wirecard Bank AG. What does this mean for the availability of global payment services on SEPA transactions? Can we continue to provide these informations to our customers for our future payments? Or will the global payment services in EUR be temporary interrupted?

    Thank you.

    Hi @vino97 ,

    Thank you for your question.
    It is a very good point and another question we would like to address.
    Please, find an updated blog about the situation with EUPS details provided by Payoneer.

  • vino97vino97 Member Posts: 17 ✭✭
    @Leonid_Payoneer You are just THE BEST EVER.

    Thank you for all.
  • emilmatei_roemilmatei_ro Member Posts: 28 ✭✭
    I still do not see specific information about the prepaid cards, how safe they are at this moment and if they are expected to stop working.
  • slivaroslivaro Member Posts: 12 ✭✭
    The cards stopped working :disappointed: :
  • MynikMynik Member Posts: 8
    Yep, not working, mine too :(
  • bubadubabubaduba Member Posts: 21 ✭✭
    "The U.K.’s Financial Conduct Authority this morning suspended Wirecard’s U.K. subsidiary Wirecard Card Solutions (WCS) Limited."

    RIP our prepaid cards.
  • heneshenes Member Posts: 11 ✭✭
    hı everybody ı want to ask
    I opened my payoneer account in 2017 but never used it. no action was taken.ı didn't use card.

    do i have a debt ?
  • vino97vino97 Member Posts: 17 ✭✭
    Hi,

    Effectively, the cards has stop working. You can read this article from FCA to have more informations : https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

    I think that Payoneer and all the other Wirecard partners are as disappointed as we are. But I trust Payoneer. They can (and they will) solve this problem as soon as possible.

    Let's just give them time to do it.
  • brynebryne Member Posts: 7
    cannot withdraw funds to my local bank account. Spoke with customers service.. it is because of the credit card issue. It started to smell not good.
  • K12ANK12AN Member Posts: 2
    https://www.prestwichandwhitefieldguide.co.uk/news/national/18544877.thousands-locked-bank-accounts-regulator-freezes-wirecard-uk/
  • kerkribikerkribi Member Posts: 3
    I have transfered most of my euros inton the usd account card as the usd account is Bank of America but even this account does not work anymore.....
  • kerkribikerkribi Member Posts: 3
    Why did the FCA take this action now?
    The FCA is the UK’s designated competent authority, responsible for granting firms based in the UK, permissions to undertake e-money activities and payment services and, it is within the FCA’s power to take supervisory action in certain cases to protect the interests of a firm’s customers. Under the EMRs, the FCA may impose such requirements as it considers appropriate which may require a firm to (a) take a specified action; or (b) refrain from taking a specified action. These types of requirements are known as ‘Own Initiative Requirements (OIREQ)’.

    Our primary objective is to protect the interests and money of consumers who use Wirecard. Following last week’s news of €1.9 billion missing from the accounts of the German company, Wirecard, we immediately placed requirements on the firm’s UK business so that it should not pay out or reduce any money it holds for its customers except on their instructions. We have been working closely with Wirecard UK and other authorities over the past few days to take action that protects consumers. We are continuing to do this and on 26 June, we took additional measures to require the firm to cease all regulated activities in order to further protect customer money. This now means customers money cannot be accessed.
  • fp12fp12 Member Posts: 2
    @Leonid_Payoneer we do need an update, and might be best to make it public without having to personally reply to each one of us on the chat.
  • nicoDukenicoDuke Member Posts: 2
    edited June 26
    @Leonid_Payoneer
    I agree with fp12. Could you please provide an update on the current situation?

    My wife has money in Payoneer and she uses the Payoneer (Wirecard Card Solutions) prepaid card (USD Currency) a lot, meaning that the current Wirecard Card Solutions' situation is impacting us directly.

    1 )What is Payoneer going to do regarding the situation?
    2) Is there a plan to provide, in the short term, access to a prepaid card issued by another company?
    3) Is Wirecard Card Solution's cease of activity imposed by the FCA a temporary measure? I wasn't able to find any details regarding if and when they are going to be able to operate again.

    Thank you very much in advance,

    Nicolas
  • LeshaLesha Member Posts: 1
    > @Leonid_Payoneer said:
    > (Quote)
    > Hi @vino97 ,
    >
    > Thank you for your question.
    > It is a very good point and another question we would like to address.
    > Please, find an updated blog about the situation with EUPS details provided by Payoneer.

    I can not withdraw money from my USD card. Are those affected too?
  • Nikola11Nikola11 Member Posts: 1
    @Leonid_Payoneer Please let us know how and when Payoneer is going to resolve this issue and when we'll be able to use the funds we have in our account
  • nicoDukenicoDuke Member Posts: 2
    @LEsha,
    I think the USD cards are affected as well. My wife's card is a USD one and it was issued by Wirecard Card Solutions, therefore it is not currently working.
  • igordenigorden Member Posts: 16 ✭✭
    edited June 26

    The card also stopped working .. Yesterday I still paid Today it is already declined. Definitely need real news from the company

  • Alemovski85Alemovski85 Member Posts: 2
    I just had chat with them - They wrote to me that they are facing technical issues due to the situation with Wirecard. They told me that we don't need to worry and that it will take them a few days to fix all and that they will send us an email as soon as they fix the problem.
  • MarekABMarekAB Member Posts: 5
    Hi guys!
    I can't pay an order through Amazon, do I have the same as yours?
  • igordenigorden Member Posts: 16 ✭✭

    @MarekAB said:
    Hi guys!
    I can't pay an order through Amazon, do I have the same as yours?

    The payment is simply not processed. No matter what and where you pay.

  • kerkribikerkribi Member Posts: 3
    seems that all companies have the same problem ( Holvi Business Mastercard use temporarily suspended
    Dear Holvi Customers & Community,

    Your Holvi Mastercard is temporarily suspended due to recent events in connection with the insolvency of Wirecard AG. We’re now actively working on a solution to restore card usage as soon as possible.

    How did this happen?
    The UK Financial Conduct Authority (FCA) has suspended service for Wirecard Card Solutions Ltd (WDCS) earlier today. WDCS is a subsidiary of Wirecard AG and issues the Holvi Business Mastercard. This decision was taken by the FCA without any prior notice. Holvi is not related to these events but relies on WDCS’ services.)
  • arlainarlain Member Posts: 2
    To make things worst, now we can't access our accounts!!! Payoneer should take responsibility for this and come clean about what is happening. I have my savings in there because I can't withdraw money because of the pandemic, and now I can't lose everything I have earned with my work. I am really, really worried about this...
  • UllielUlliel Member Posts: 7
    I also had troubles logging in, but it seems to be resolved now. It could be that lots of people are freaking out because of Wirecard, so Payoneer is overloaded.
    I hope they do tell the truth, got payments to make these days and other account to make them from.
  • webworkmanwebworkman Member Posts: 16 ✭✭
    Can not whtidraw money at the moment.. Cards are probably dead.
  • UllielUlliel Member Posts: 7
    Quick update: earlier today I couldn’t withdraw to the bank, and right now I tried it and it seems to confirm the transfer... so hopefully it will be ok.
  • hassaan9911hassaan9911 Member Posts: 8
    My payment is in upcoming transaction under review, please guide me how to clear that payment?
  • UllielUlliel Member Posts: 7
    > @webworkman said:
    > Can not whtidraw money at the moment.. Cards are probably dead.

    I chatted with their support earlier, the cards are blocked because of Wirecard insolvency, and they say they’re working on a solution.
  • webworkmanwebworkman Member Posts: 16 ✭✭
    > @Ulliel said:
    > > @webworkman said:
    > > Can not whtidraw money at the moment.. Cards are probably dead.
    >
    > I chatted with their support earlier, the cards are blocked because of Wirecard insolvency, and they say they’re working on a solution.
    >

    But why can not withdraw money than?
  • igordenigorden Member Posts: 16 ✭✭

    ePaymentss also off from 1 February

  • grassidanielgrassidaniel Member Posts: 1
    Update on Blog.
    https://blog.payoneer.com/exclusive/wirecard-prepaid-card-update/
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