admin July 1, 2020

Good news! As we continue reactivating all the services on your Payoneer Prepaid Mastercard® card, we’re happy to inform you that you’re now able to withdraw your funds to your local bank account, make payments and manage currencies. While we had communicated previously that this would become available on Monday, July 6th, we listened to your feedback and worked hard to bring it forward.

Furthermore, while new funds will continue to be received to your Payoneer currency balance, we’re gradually transitioning to delivering funds to your prepaid card, giving you the full set of card usage options. The UK’s Financial Conduct Authority (FCA) confirmed that all cardholder funds are held in full in safeguarded trust accounts and we stand behind our statement that your funds are 100% safe. We will start rolling out this transition later today. We will notify you the moment you have it available.

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 card?

Yes, all withdrawal methods are back. You can withdraw the funds on your card to your local bank account, at ATMs, spend them online and in-store, and make payments. We have waived the flat ATM withdrawal fees until Monday, July 6. All services were reactivated after the FCA completed its audit 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 on Monday, 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. We are now investing heavily in scaling this operation globally so that we can be your issuer in the coming months.

Will Payoneer offer an option whereby I can control the funds flow between my virtual balance and my card?

This feature is already in development. We heard your feedback and are working hard to give you the extra control and flexibility that many of you want. We hope to be able to launch this feature within a few weeks. We will keep you updated.

Why did the FCA originally freeze card activity?

As you may have seen on the news, Wirecard AG filed for insolvency. 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.

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