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Technology

Payoneer freezes all prepaid cards across globe after Wirecard insolvency

  • The United Kingdom’s Financial Conduct Authority (FCA) has ordered Wirecard Card Solutions Limited, a UK company to stop all its regulation financial activities, in addition to some other restrictions.
Updated June 27, 2020

Adding to the woes of freelancers in the country and across the globe, all Payoneer Prepaid Mastercard Cards are frozen due to Wirecard woes.

The United Kingdom’s Financial Conduct Authority (FCA) has ordered Wirecard Card Solutions Limited, a UK company to stop all its regulation financial activities, in addition to some other restrictions.

Wirecard Card Solutions is a subsidiary of the German company Wirecard AG that on Thursday filed for insolvency. The issue has affected all Payoneer Prepaid Mastercard cards, considering they are issued by Wirecard UK.

“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,” stated Payoneer in a statement.

The company added that any future payments that you receive from marketplaces, platforms, and clients will not be affected by the freeze. It added that freelancers can sign in to view their funds, and can add their bank account for withdrawal of their 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,” the company added.