Payoneer is Now a Card Issuer!
Payoneer’s infrastructure is designed to empower you to conduct business globally as easily as you do locally. We work with hundreds of banks and financial service providers around the world to bring you the high levels of service you deserve.
Now, to bring you additional security and peace of mind, Payoneer is now the issuer of our Prepaid Mastercard® cards.
With our new setup, cards will be issued by Payoneer Europe Limited, and your funds will be held in safeguarded accounts managed by Payoneer Europe. Payoneer Europe is authorized as an e-money institution by the Central Bank of Ireland.
As a regulated institution, Payoneer is responsible for ensuring that any funds we hold on our customers’ behalf are protected and safe from the instant they are received. We take that responsibility very seriously. All funds we receive on behalf of our customers are held in segregated Payoneer accounts, to maintain their safety and liquidity. These bank accounts are used only for holding customers’ money, and completely separate from Payoneer’s own accounts.
Effective September 2, 2020, we will be transferring all Payoneer Prepaid Mastercard® cards from Wirecard Card Solutions Limited to Payoneer Europe Limited. While banking services from Wirecard Bank AG continue to operate normally, and are excluded from the bankruptcy proceedings affecting Wirecard AG, many of our customers have expressed that they no longer feel comfortable using Wirecard services.
- All of the Wirecard portfolio will be moved in full to Payoneer Europe Limited Issuing.
- The migration will be seamless; we will be using the exact same cards and BINS (until the inventory is finished) and then we will start issuing our own cards from our new PEL entity.
- All of the balances on the cards will be automatically moved.
- Funds are safeguarded at an account with a major international bank in Ireland
- No steps need to be taken by our clients or Payoneer users.
Payoneer customers can continue to use their existing cards with the security of knowing that their funds are now safely held by Payoneer Europe.