Is payoneer going to be safe with the wirecard scandal going around?

alaxedk · Jun 22, 2020

As you might know wirecard is the supplier for the payoneer cards. So recently there's been $2bn missing from their accounts and the CEO left the company with the money unaccounted for.
You can find more about this on google.

My question is whether payoneer is going to be safe...

Look at the wirecard stocks too..

Scorpion Ghost · Jun 22, 2020

Fuck. They better be. Theyre my favorite payment processor now. Following thread.

Roger Marquez · Jun 22, 2020

S**T FML!!

It´s my primary payment method on Upwork.

F**K NO!!

Monzani · Jun 22, 2020

Payoneer will remain safe, is a company with years of experience, has partners like Amazon, Airbnb and large companies...

At worst, the cards issued by Wirecard will be cancelled and temporarily you will not be able to receive IBAN transfers on your Payoneer.

Your balance will not be affected, but you will probably need to withdraw the money to a real bank account to access the money while there is no new credit card issuer.

I hope Payoneer is looking for alternatives like Handelsbank that does the same service for Transferwise.

agedaccs · Jun 22, 2020

I'm also curious about this.

The card only affects the card and the $10,000 limit on it worse case scenario correct?

edwardmiller · Jun 22, 2020

Google Ads has just blocked their swift code too. it no longer works there.

PolarFox · Jun 25, 2020

Sadly I think this will be the end of Payoneer's prepaid cards...

Sandman_ · Jun 25, 2020

I think they will survive they might need to find a new prepaid card bank tho

tubeboost · Jun 25, 2020

It's risky. Payoneer blocked all cards in Russia recently. At least don't hold money on Payoneer card.

HoNeYBiRD · Jun 25, 2020

I noticed this on Friday first: https://www.blackhatworld.com/seo/payoneer-working.1242130/#post-13333157.
Since then their shares dropped even more, the Wirecard CEO was arrested and the company filed for insolvency:
https://www.reuters.com/article/us-...ecard-collapses-owing-4-billion-idUSKBN23W176
https://markets.businessinsider.com...sing-billions-ex-ceo-arrest-2020-6-1029340987
They need to find an investor. It's not looking good for them, to say the least.

Hopefully Payoneer will be fine. Probably they have more than one card issuer, at least they used to. I remember, a bit more than 2 years ago when FCP went down for the exact same reason (trouble with the card issuer), Payoneer had cards issued by the same company, which issued the FCP cards. FCP went down completely, people lost money, while nothing much happened at Payoneer. They simply blocked the affected cards and issued new ones, no money were lost or stuck. Ironically this new card issuer was the same Wirecard, which is in trouble now.

Wirecard issues cards for Transferwise too, so more than likely those cards will need replacing as well.

Ethan_Schwarz · Jun 25, 2020

I dont think its the end of Payonner, not at all. They just need to start looking better into the companies they work with.

fraudboi · Jun 25, 2020

sad that this is also the main alternative to paypal for non-US people

PolarFox · Jun 25, 2020

Hey, guys! Payoneer just made a statement https://blog.payoneer.com/exclusive/wirecard-in-the-news-funds-on-your-payoneer-card-are-safe-and-secure/

djsobuj · Jun 25, 2020

Should I withdraw all my payoneer $ to bank?

MoZzz · Jun 25, 2020

Payoneer managed to built a solid reputation for themselves these past years. I don't think they are going to through away everything down the drain because of this. If anything they will have to work harder to clean this mess and make sure it doesn't happen again

smmprime · Jun 25, 2020

following thread

PolarFox · Jun 25, 2020

From their statement "Although Wirecard Card Solutions Limited is a subsidiary within the Wirecard group and shares the same brand, they are an entirely independent entity with their own board, their own regulatory and capital requirements and are subject to regulatory oversight and accounting standards in the UK. As they are independent, your card is not impacted and you can continue to use it as usual. Nonetheless, we work with other issuers including our own, and are working on contingency plans to ensure we maintain continuity and redundancy now and in the future."

alaxedk · Jun 26, 2020

Nothing looks good so far. A blog post isn't going to assure me that the cards ain't going to be blocked anytime soon, look at their stock. look at the news in the past hour. it ain't looking good.

code API · Jun 26, 2020

Scorpion Ghost said:
Fuck. They better be. Theyre my favorite payment processor now. Following thread.

Me too.

yesofcourse · Jun 26, 2020

What is the real danger for the funds in Payoneer? I think that even if the cards stop working we will still be able to access our funds trough Payoneer and withdraw them to a local bank, right?

Is payoneer going to be safe with the wirecard scandal going around?

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