Last Thursday, the German payments processor Wirecard announced that it would file with the District Court of Munich, after nearly $2 billion was found missing from its funds.
Wirecard managed about $125 billion in payments for credit and debit cards, and one of its divisions issued debit cards to financial services companies. Payoneer, the payment service for entrepreneurs around the world, is an example. Some Revolut cards are included.
Because Wirecard closed down, the VISA and Mastercard prepaid debit cards it issued are no longer valid. Apart from Payoneer, this includes Paxum, Soldo, TenX, Pockit, ANNA Money, Holvi, FairFX, TransCash, An Post, and some others.
Most of these companies, Payoneer and Revolut in particular, have announced that they will find a new issuer for these debit cards. In the meantime, there are other ways for account holders to access their funds. So there’s no reason to panic (unless accounts are frozen as is the case for some in the UK), and things will go back to normal soon.
