Payoneer users have reported that they’re getting error while doing transactions in their Payoneer accounts. This is because Payoneer has sent this email stating: We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.
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) which 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.
What does this mean?
The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of Wirecard customers. 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.
Any funds that are in excess of the maximum balance of your card are held by Payoneer and are therefore not impacted by the FCA’s temporary freeze.
How can I get paid during this time?
Any future payments that you receive from marketplaces, platforms and clients will not be affected by the freeze. You can sign in to view your funds, and you can now add your bank account for withdrawal of your future incoming payments.
We are actively working on offering additional options for you and your patience and understanding are highly appreciated. We apologize for any inconvenience this may cause and we’ll update you with more information as soon as we have it.
Thank you,
The Payoneer Team
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.
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. If you’ve such card issued previously then you would not be able to do any transaction because that card is issued by Wirecard AG’s subsidiary and currently there is a temporary hold on all activities linked to that card/account.
What’s next?
According to email issued by Payoneer along with Tweets, it seems like Payoneer is confident about the problem and it’ll be solved soon. Here’s the Tweet from Payoneer:
We know there are concerns about the Wirecard news and how it impacts Payoneer cards. Rest assured, Payoneer is strong, stable, and working to keep your funds protected.
Originally Publish at: https://www.thepost.com.pk/