Payoneer becomes issuer of Mastercard-based prepaid cards

The Payoneer payment platform has begun issuing Prepaid Mastercard cards.

Keren Levy, Payoneer COO updates that as of today, September 2nd, Payoneer Prepaid Cards that were previously issued by Wirecard UK, are now issued by Payoneer Europe Limited, offering you more security as Payoneer will now be holding all your funds. https://t.co/QX5txbTRjH

— Payoneer (@Payoneer) September 2, 2020

The issuer Payoneer Europe Limited holds a Central Bank of Ireland licence to operate with electronic money. The security of funds is guaranteed by the Irish representative office of Barclays.

Since August, the platform has been transferring user funds to safeguarded accounts at Payoneer Europe Limited, according to ForkLog representatives.

“These special bank accounts are used solely to hold clients’ funds and are fully segregated from Payoneer’s own accounts, which provides a higher level of data preservation and control over them,” noted James Allum, Vice President for the European region.

The transition did not require any action from clients. The platform remained accessible even during the transition from one issuer to another, Payoneer said.

Back in July, the processing service Wirex gained licensed participant status in the Mastercard network, enabling it to issue payment cards that automatically convert users’ digital assets into fiat.

For more on what crypto cards are and why they should disappear, read ForkLog.

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