Payoneer freezes all prepaid cards across globe after Wirecard insolvency

Payoneer account Freeze

A frantic week has seen Wirecard AG apply to German courts for insolvency, following the firm's board and executive team admitting to falsifying €1.9 billion of corporate accounts primarily related to Asian market activities.

"We are continuing to do this and on 26 June, we took additional measures to require the firm to cease all regulated activities in order to further protect customer money".

"This is a massive issue for many customers who rely on the money placed in their U account for everyday essentials including the ability to pay rent and buy food", one customer told the BBC.

Mobile business account Anna Money, which was also hit by the fallout, has vowed to replace user's frozen cash from its own pockets, reassuring customers that their accounts remain safe.

Several U.K. fintech firms have been forced to suspend services following the FCA's restrictions on Wirecard, leaving hundreds of thousands of accounts blocked.

They said that customers' money was still safe, but would not be accessible for a time.

The cards can not now be used by customers in Ireland or overseas, until further notice.

It should be noted that any funds that are in excess of the maximum balance of the Payoneer customer's cards are held by Payoneer and are therefore not impacted by the FCA's temporary freeze.

Metrocentre and Eldon Square owners have collapsed into administration
Intu group companies provide key services to its sites, including facilities management, IT, cleaning, security and maintenance. About 132,000 jobs in the company and in its wider supply chain will be in question should the firm fall into administration.

An Post said its Money Currency cards - marketed as an affordable way for customers to bring and use money overseas - were issued by United Kingdom based Wirecard Card Solutions Limited.

Pockit said it was working with the FCA to get the issue solved as quickly as possible.

"WDCS is working hard to have the steps in place which will enable the suspension to be lifted so business can resume as usual".

A spokesperson for Curve said: "In April, Curve announced we would bring more processes in house such as card issuing and e-money and move away from a reliance on Wirecard. We are hoping to be fully operational soon".

On its website the FCA said customers should contact Wirecard or their card provider directly and warned that Wirecard was not covered by the UK's Financial Services Compensation Scheme (FSCS) - which does not compensate customers of electronic money or payment services.

Former boss Markus Braun has been arrested and accused of inflating Wirecard's finances to make them appear healthier to investors and customers.

The Munich based firm employs nearly 6,000 staff in 26 countries.

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