BEGIN ARTICLE PREVIEW:
LAHORE: Users in Pakistan and abroad have regained access to funds on Payoneer Prepaid Mastercard cards on Tuesday after UK’s Financial Conduct Authority (FCA) allowed German fintech Wirecard AG’s UK subsidiary Wirecard Solutions Limited (WCSL) – that issues these cards – to resume issuing e-money and providing payment services.
On Thursday, Wirecard AG filed for insolvency after it was revealed that the company was involved in an accounting fraud worth billions of dollars. Subsequently, the UK regulator of WCSL, the FCA, ordered WCSL to freeze all prepaid card activity for the time being.
The primary objective of the restrictions was to protect the electronic money funds of consumers in safeguarded accounts. It also had the effect of preventing consumers from withdrawing and making payments with those funds. FCA’s consent on lifting restrictions meant that WCSL could now resume electronic money and payment services to its customers and customers can now, or very shortly, use their cards as usual.
For a short duration after the audit was completed and restrictions were lifted, Payoneer cards were inaccessible due to some technical restrictions that were being addressed by Mastercard. “You can now withdraw funds from your card at ATMs or spend them …
END ARTICLE PREVIEW