Wirecard’s parent company, Wirecard AG based in Germany is currently the subject of law enforcement interest and insolvency proceedings. Customers can add bank accounts for withdrawal of future incoming payments.What are real chance of retrieving frozen funds from Payoneer Prepaid Mastercards?There are ongoing events in Germany concerning companies closely linked to Wirecard. Wirecard AG is not supervised by the FCA. The card stopped working as Wirecard AG, parent company of Wirecard Card Solutions Limited (WCSL) – the prepaid Mastercard provider for Payoneer, has filed for insolvency in the UK. Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.It means Payoneer card holders wouldn’t be able to withdraw to local bank, do money transfers and anything else, if they have a Payoneer card issued for their account balance.According to email issued by Payoneer along with Tweets, it seems like Payoneer is confident about the problem and it’ll be solved soon. As the second level of protection, Wirecard Bank AG is a member of the Deposit Protection Fund (Einlagensicherungsfonds; ESF) of the Association of German Banks (Bundesverband deutscher Banken e.V. ; BdB) as a voluntary deposit protection fund. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.When someone creates a Payoneer account, Payoneer offers him/her a Mastercard that can be used Online and you can also withdraw money using ATM. We apologize for any inconvenience this may cause and we’ll update you with more information as soon as we have it.As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. Here’s the Tweet from Payoneer:We are actively working on offering additional options for you and your patience and understanding are highly appreciated. Wirecard AG is a defunct German payment processor and financial services provider, whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings. Today, the Financial Conduct Authority (FCA) which regulates WCSL, issued requirements on WCSL, freezing all prepaid card activity for the time being. It means Payoneer card holders wouldn’t be able to withdraw to local bank, do money transfers and anything else, if they have a Payoneer card issued for their account balance. This means that in the event that Wirecard Card Solutions Ltd becomes insolvent Your funds may become valueless and unusable and as a result You may lose Your money. Bad news for freelancers and companies using Payoneer Prepaid Mastercard to receive and transfer funds. If there were issues with Wirecard Bank, your funds will never get to Wirecard Bank, and will go back to whoever sent it.
Wirecard Card Solutions is a subsidiary of the German company Wirecard AG that on Thursday filed for insolvency. Payoneer Freeze Payments amid Wirecard AG Bankruptcy issue. The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of Wirecard customers. Payoneer Prepaid Mastercard has stopped working as the card provider Wilcard AG has filed for insolvency.Pending further actions from the FCA, Payoneer customers will be unable to withdraw the funds on the card, nor receive new payments onto the card.Here some Payoneer alternatives.
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