Wirecard goes Bust, check your Payoneer Account

So the title says it all.
If you use Payoneer then check your account.

ohh and there’s this.

Yeah, had a decent amount with them. Not Payoneer’s fault so I cant blame them, will have to just wait it out.

Since this is not just ePayments this time. Many names bigger than ePayments are involved this time, hopefully the FCA will speed things up and release the funds.
Or… wont.

I wonder what will happen on 31/12/2020

I didn’t even knew Wirecard was involved.
Weren’t their cards Mastercards issued by the bank you are associated with? (ie. First bank in the US)

I"ll be honest I have no idea how they operate. All I know is that the money is at Wirecard’s UK company. The company that had 2.1 billion in “profit” in order to scam investors was Wirecard AG located in Germany. UK’s company is a subsidiary to the Germany company so the FCA froze the accounts in order to protect the money ( at least thats what they claim ) until the insolvency process is over (or whenever they feel like it).

Regardless, there is a possibility of never getting back your money (at least that’s what the new Payoneer TOS update states). And that sucks.
More info here:

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So that’s why the CC preloaded 5k. I never understood that. I looked at it as a 5k credit limit, but it was a pre-payment… fk me…

“While the FCA has given off encouraging signs of progress in its audit of Wirecard Card Solutions, we have decided not to wait for the outcome. Even if there’s a shortfall, our intent is for Payoneer to fill the gap so that you get 100% of your money back."

I wonder where they’ll pull the money from… investors?

i hope they can solve that quickly… :frowning_face:

I’d guess the trust build will payoff shortterm.
Just today I was reading an opinion piece on FT about how Revolut could use this to become a big player, maybe Payoneer is also thinking on how to use this tragedy and turn it into something good for Payoneer.

Which makes sense since they also said they are looking into dealing directly with Mastercard from now on.

PS: Also, I wonder how much of those 5k per card were actually in Wirecard hands. Maybe it’s not that much money to start with (for a financial institution).

PS2: And maybe Payoneer was already assured that the money will be return. So it would be more of a case of advancing the money vs taking a loss, while getting the rep that they are willing ot take a blow to protect their client base. (conspiracy theory :stuck_out_tongue: )

On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.


Great news

So it seems my conspiracy theory was not not that far off. :smiley: