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FCA freezes Payoneer Prepaid Mastercard, others

Payoneer has sent email to all account holders owing their Payoneer Prepaid Mastercard notifying them of the freezing of their cards by the Financial Conduct Authority (FCA)

According to Payoneer;

“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.”

What does this mean?

The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of Wirecard customers. Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.

Any funds that are in excess of the maximum balance of your card are held by Payoneer and are therefore not impacted by the FCA’s temporary freeze.

How can I get paid during this time?

Any future payments that you receive from marketplaces, platforms and clients will not be affected by the freeze. You can sign in to view your funds, and you can now add your bank account for withdrawal of your 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.

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Written by IJAM.ng

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