Paxum to Return Clients’ Funds Frozen by Wirecard Collapse

MONTREAL—Payment processing firm Paxum Inc. issued an announcement Monday regarding its plan of action for clients whose funds deposited on Paxum Prepaid Mastercards became frozen due to Friday’s suspension of operations for Wirecard Card Solutions Limited by the U.K.’s Financial Conduct Authority, following Wirecard’s parent company losing over $2 billion of its holdings and subsequently filing for insolvency in Germany. Paxum’s announcement follows: On Friday, June 26th 2020 Wirecard Card Solutions Limited regulatory activity was suspended by the Financial Conduct Authority (FCA). This action unfortunately resulted in the immediate forced suspension of Paxum Branded Prepaid Mastercards and of any funds already loaded to the card. In response to Friday’s news Paxum Inc immediately consulted with its lawyers to determine any options available to assist clients in regaining access to their card funds as quickly as possible. After a busy weekend of consideration and discussion with its lawyers, Paxum Inc CEO Octav Moise made the extraordinary decision that Paxum will return its clients frozen prepaid card funds itself, at Paxum’s own expense, to allow an immediate return of the available balance to affected card-holders rather than at a later, undetermined, date. “We know our clients would eventually get their funds back from Wirecard Card Solutions Limited. But we don’t want our clients to have to wait and suffer, especially considering how difficult life is for everyone right now with the COVID pandemic,” said Paxum’s CEO Octav Moise. “It might take weeks, months or even longer for this situation to be resolved and for FCA to release card-holder funds. That’s why we are stepping in to make this right.” The company is in the process of issuing email instructions over the course of the next few days to all affected clients explaining how to get their Paxum Branded Prepaid Mastercard card funds back. Once the funds are returned to their Paxum ewallet account, clients will be able to withdraw their funds through one of Paxum’s other options such as WIRE, EFT (local bank transfer), withdrawal to external card, or to the Paxum Unionpay Card. Clients that do not yet have a Paxum Unionpay Card can apply for the card directly inside their account. “Just as Paxum allows you to pay with ease, we’ve also made this refund method as easy as possible for our clients,” continued Moise. “Simply follow the instructions in the email and the available balance on your card will be returned to your Paxum account within approximately 48 hours so you can access or withdraw it in another way. Every affected client will receive an email with directions over the next few days.” Once again Paxum illustrates why it has become an industry leader for payments as it always guarantees that no client will ever lose money when working with Paxum. All requests for Paxum Branded Prepaid Mastercard balance refund will be honored, and the company invites its clients to use the support ticket system for more information if needed. Paxum is an industry leader, and has been successfully offering a secure instant payment platform since 2007 to hundreds of thousands of clients that actively use its service. The award-winning payment company provides a cost-effective, user-friendly interface fortified with stringent security measures and multiple ways for clients to access their account funds, including an optional prepaid credit card. Paxum account users can easily send and receive money instantly all over the world.

written by: Peter Warren

source: Paxum to Return Clients’ Funds Frozen by Wirecard Collapse | AVN

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