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Payoneer card issuer Wirecard AG filed for insolvency on Thursday

Labeled as news in Domain Industry News, started by Abdullah Abdullah, Jun 27, 2020

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  1. Abdullah Abdullah

    Abdullah Abdullah Top Contributor VIP

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    Hi all

    To all those who use Payoneer to receive payments through one of their MasterCards,all activity on prepaid cards have been freezed for the time being. I did not receive any emails from Payoneer regarding this, even though I use the card a lot but when today I tried to make a purchase with the card and I kept getting card declined on many sites, Payoneer sent me the following email:

    The Financial Conduct Authority (FCA) which regulates WCSL made the requirements (some) public here:

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation . It appears it all started on 19th of this month. While I have 400 USD something there, I would have withdrawn if Payoneer sent an email regarding what was happening.
     
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  2. karmaco

    karmaco Top Contributor VIP

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    Never trusted Payoneer. Too many horror stories. Also would never take a debit card versus cash. Hopefully it gets fixed soon.
     
  3. Abdullah Abdullah

    Abdullah Abdullah Top Contributor VIP

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    I have been using Payoneer for like 7 years I think. It was always good for me even though the fees are not good. They claim this does not affect future payments but only payments which were already loaded to the card ( in my case almost 450 USD). They failed to tell the customers, at least to me, about this issue and they only sent me an email after I made more than 8 attempts to purchase something with my card.
     
  4. Abdullah Abdullah

    Abdullah Abdullah Top Contributor VIP

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    Source : https://www.wsj.com/articles/wirecard-files-for-insolvency-after-revealing-accounting-hole-11593075223#:~:text=Battered German fintech company Wirecard,star in Europe's tech scene.

    2 Billion ? Wow.
     
    Last edited: Jun 27, 2020
  5. NameDeck

    NameDeck Top Contributor VIP

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    That's probably why they didn't send out email. To keep as much cash as possible.

    For those wondering, Wirecard Bank is a separate entity by Wirecard AG/Wirecard Group so your money is not protected by the EdB unless you actually use the bank subsidiary directly.
     
  6. eternaldomains

    eternaldomains Established Member

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    I would love cold hard cash too, but these days with all that lockdown crap, it's like the powers that be are trying to make cash go extinct.

    Wow, same timing as me. Except I started having the card only 2 years ago. Did you have the card before 2017? Want to know because I saw someone saying that there was a similar case back then and people lost money too.

    Possibly have lost 200-300++ in there (I converted some outside the card, but don't know if that other balance is affected as well).

    But, ever since I started domaining, it's like the news didn't break me down like how others in Payoneer would have. All thanks to having a resellable portfolio in BB and SH. So.....

    PRAISE BE TO THE DOMAINING GODS!!!:xf.grin::penguin::beaver::cow::turtle::panda::bear::cat::pigeon::chicken::troll::android::borg::cyclops::droid::alien::blackalien::greyalien::spiderman::stig::mask::vulcan:
     
  7. skyz21

    skyz21 MediaWho.com VIP

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    Was just getting used to using my Payoneer card for affiliate payments. It was quite convenient. Will they re-issue new cards?
     
  8. pablohc86

    pablohc86 Top Contributor VIP

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    never liked payoneer for their fees...
     
  9. Abdullah Abdullah

    Abdullah Abdullah Top Contributor VIP

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    From 2013 , never had issues. Always used the card to withdraw and also pay online.
     
  10. Wali Dahot

    Wali Dahot Top Contributor VIP

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    I was using payoneer for payments from DAN by setting currency to euros and recieving funds in 1 business day to Payoneer's euro recieving account in WireCard Bank, which I guess wont be feasible now. Gladly somehow I never stored any funds there as I used to withdraw right away.
     
  11. eternaldomains

    eternaldomains Established Member

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    I do the same too for DAN, except I set everything to USD and keep bugging Simon to change payouts to euros :xf.grin:. That way I can easily deal with everybody here.
     
  12. golan

    golan GolanMedia.com VIP Gold Account

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    Using Payoneer for many years. All sales from my SEO domain shop come from 2CheckOut straight to Payoneer. Now also Squadhelp, and others...

    What a boomer that happened. I just got my weekly payoff from 2CO before this freeze. Not much stuck, like $500, but still...
     
    Last edited: Jun 29, 2020
  13. Abdullah Abdullah

    Abdullah Abdullah Top Contributor VIP

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  14. golan

    golan GolanMedia.com VIP Gold Account

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    Got an email from Payoneer, seems so far so (almost) good:


    [​IMG]
     

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