Wirecard Update: Payoneer Moves to Become Our Own Licensed Issuer
Update September 2, 2020:
Good news! Following recent feedback from our customers, we will soon be transferring all Payoneer Prepaid Mastercard® cards from Wirecard to our own licensed issuer, Payoneer Europe Limited. Payoneer Europe is authorized as an e-money institution by the Central Bank of Ireland and the transfer will take on September 2nd, 2020.
This important step gives our card-holding customers an increased sense of security as Payoneer will now be holding all their funds, with those on the card being held in safeguarded accounts managed by Payoneer Europe.
Why is Payoneer changing the card issuer?
Following recent feedback from our customers, we are transferring all Payoneer Prepaid Mastercard® cards from Wirecard to our own licensed issuer, Payoneer Europe Limited.
Payoneer Europe is authorized as an e-money institution by the Central Bank of Ireland.
This important step gives you an increased sense of security as Payoneer will now be holding all your funds, with those on the card being held in safeguarded accounts managed by Payoneer Europe.
Are there any fees associated with the transfer?
No. The change is free of any charge.
What do I need to do?
Absolutely nothing. Payoneer will handle the transfer on your behalf.
When will the transfer take place?
The transfer is intended to take place on September 2nd, 2020.
Will I need to apply for a new card?
No. The change is seamless. You won’t need a new card or change anything else about how you use your existing card.
What will happen with my existing card balance?
There will be no change to your card or balance.
You can read more about transferring funds to your prepaid card here.
Does this change affect the way I use my card?
There will be no change to the way you use your card or your card usage fees.
You can continue using your card regularly.
What changes in my card’s Terms & Conditions?
Once this change takes effect, the Terms and Conditions with Payoneer Europe will apply.
The new Terms and Conditions are generally similar to your Wirecard card terms and conditions, aside for the issuer changing to Payoneer Europe and being governed by the laws of Ireland. Until the change takes effect, your card is still subject to the Wirecard terms and conditions.
Do I need to provide any documentation?
No further documentation is needed.
Do I need to sign additional forms?
No. By continuing to use your card, you are consenting to the new Terms & Conditions and instructing us to terminate your Wirecard card terms and conditions on your behalf.
Can I opt out of this change?
No. You will not be able to continue using your card under the issuance of Wirecard.
Should you prefer to cancel your card and redeem the funds on your card to your Payoneer account or to a bank account of your choice, you may do so by contacting us. Cancellation of your card and transfer of funds to a bank account is free of charge up to 60 days from the date of the transfer.
What if I have a complaint?
You can read more about Payoneer’s customer assistance options and policy here.
If your complaint is not resolved to your satisfaction, you may choose to refer it to the Financial Ombudsman Service in the UK if it involves events prior to the transfer of your card, or the Financial Services Ombudsman in Ireland if it involves events on the date of transfer and after. Contact information for both can be found here.
Controlling the funds on your card
In addition, after reactivating full service on your Payoneer Prepaid Mastercard® card back in early July, we released a new ‘card top-up’ feature that enables you to now take control of your top-up settings and choose whether to load funds to your prepaid card from your Payoneer account balance. Read more on how to take control of your card top-up settings.
We know this period has been difficult for you and we appreciate your patience and support while we worked to get it resolved. We are here to serve you and are making serious investments to ensure that we live up to this promise and don’t allow any external factors to get in the way again. We will be providing you with more information in the coming days and weeks on the steps we are taking and will continue to communicate with you in an honest and transparent way. We read your comments on social media and, as our partner, your voice truly matters to us. We thank you for your continued support.
Can I access the funds on my Wirecard-issued Payoneer Prepaid Mastercard card?
Yes, all withdrawal methods are available to you. You can withdraw the funds on your card to your local bank account, at ATMs, spend them online and in-store, and make payments. All services were reactivated after the FCA completed its audit back in July and confirmed that it has lifted the freeze on your Wirecard-issued Payoneer Prepaid Mastercard card.
Can I receive new funds to my card?
We are now in the process of enabling new funds to be added to the cards. We are doing this in phases and will notify you when it takes effect for your account, so please make sure to keep an eye out for an e-mail from Payoneer. Until you receive that confirmation, your card balance won’t receive new payments and they will continue going to your Payoneer account balance.
Is the money on my prepaid card safe?
Yes. Having completed its audit and lifted the freeze on Wirecard UK, the FCA confirmed that all cardholder funds is held in full, in safeguarded trust accounts at tier 1 banks in the UK, in line with their requirements under the e-money license. The FCA continues to monitor Wirecard’s activities closely and have imposed additional requirements to provide a higher level of supervision. In addition, we stand by the statement delivered by our CEO, Scott Galit, that your funds are safe.
Can I request a new card if mine is stolen, lost or expired?
Yes, you can now request a new card.
Is Payoneer going to start issuing cards?
Payoneer is already a card issuer, Payoneer Europe Limited. Payoneer Europe is authorized as an e-money institution by the Central Bank of Ireland.
Will Payoneer offer an option whereby I can control the funds flow between my virtual balance and my card?
Yes, this feature now exists. We heard your feedback and rapidly enabled you to take extra control and flexibility that many of you wanted. See here for more info on how this works.
Why did the FCA originally freeze card activity?
As you may be aware, Wirecard AG filed for insolvency back in July. Your Payoneer Prepaid Mastercard Card is issued by its subsidiary, Wirecard Card Solutions Limited in the UK. The FCA, which oversees Wirecard UK, decided to restrict Wirecard’s activities to protect customer money. As a result, there was a temporary freeze in place on all card activities in effect. It was lifted after they successfully completed their audit.
How did Payoneer handle this situation?
We worked around the clock to pressure the FCA to lift the freeze as soon as possible. In parallel, we ensured that all our customers could continue to receive new payments to a Payoneer virtual balance and withdraw those funds to their local bank account. In addition, we stated that even if the FCA audit found a shortfall, our intent was for Payoneer to fill the gap so that our customers got 100% of their money back. We successfully managed to re-enable all card withdrawal options and services very soon after. Our customers will always be our first priority, and we are committed to transparency in our communications.