Payoneer ceases all Prepaid Mastercard after Wirecard files for Insolvency

payoneer mastercard

Payoneer is one of the major digital payment providers disabled all payments after the United Kingdom’s Financial Authority(FCA) has ordered Wirecard Solutions Limited to freezes all of its financial activities along with a further restriction on its operations.

Payoneer Prepaid Mastercard, a physical card issued by Wirecard UK, a subsidiary of the German parent company Wirecard AG that filed for insolvency after a major fraudulent activity, leads to an immediate freeze of all Payoneer Prepaid Card.

Payoneer is a leading payment facilitator with millions of registered freelancers in several countries. It offers seamless digital payment and online money transfer with global reach.

In a statement, Payoneer stated, “As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. Your Payoneer Prepaid Mastercard Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL), in the UK. Today, the Financial Conduct Authority (FCA) regulates WCSL, issued requirements on WCSL, freezing all prepaid card activity for the time being. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary,” stated Payoneer in a statement”

Along with the Prepaid card, the Payoneer global bank transfer account was also impacted owing to the uncertainties on the current matter. This issue has impacted thousands of freelancers in many countries who solely depend on Payoneer to receive payment from marketplaces and clients. However, the company explained that any future payments would not be affected by this issue, and freelancers can opt for bank account withdrawal to receive their Payoneer funds in a bank account.

Payoneer assured their customers about the availability of additional options in the near future and safety of the funds of Prepaid Mastercard issued by the Wirecard UK.

Florence Halo
Prior to joining Get Ignite, Florence had a hand in a number of online and print publications, including InternetNews.com as chief copy editor and Government Technology Magazine as managing editor. She also did a stint in Sydney as group editor of RBI Australia's manufacturing group, which is when she also developed an affinity (a love, really) for tennis.