Payment gateway, Payoneer used widely by the freelancer community has said that it will cover any shortfall of their customers, which may have resulted due to UK’s Financial Conduct Authority (FCA) audit.
“If the FCA (Financial Conduct Authority) audit found a shortfall, our intent was for Payoneer to fill the gap so that our customers got 100% of their money back,” Payoneer said.
It informed that the FCA completed its audit and confirmed that it has lifted the freeze on your Wirecard-issued Payoneer Prepaid Mastercard® card.
You can withdraw the funds on your card from an ATM or spend them online and in-store. While you may wish to quickly withdraw your funds, the FCA has assured us that no further problems are expected, said Payoneer.
It added that from July 6th, the customers will once again be able to withdraw funds to their local bank account and use the Make a Payment and Manage Currencies services. Until then, Payoneer will waive the flat ATM withdrawal fees.
Furthermore, all future payments will continue to be received to one’s Payoneer currency balance, not their card. “Even though the FCA announced that the cards are safe to use, we will offer a new card issuer soon to ensure the long-term safety of your earnings.”
WHAT WAS THE ISSUE ALL ABOUT?
The issued arose after Wirecard AG filed for insolvency, as Prepaid Mastercard Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. The FCA, which oversees WCSL, decided to restrict WCSL’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 today after they completed their audit.