Business URGENT Paxum SEPA Card Update

[Chris]

Please be advised that the Paxum SEPA Mastercard backed by Wirecard Card Solutions Limited has been temporarily suspended, effective immediately. All existing Paxum SEPA card funds remain safe and secure, however already loaded card funds cannot be accessed at this time. We sincerely apologize for the lack of notice.

Earlier today the Financial Conduct Authority (FCA) issued a declaration for the immediate suspension of Wirecard Card Solutions Limited regulated activity. Unfortunately this means that the funds on your Paxum SEPA card have been frozen and are temporarily unavailable for you to access and withdraw. You can read more about this here - https://www.fca.org.uk/news/news-sto...-authorisation

While Paxum has no way to release the already loaded card funds, we continue to offer alternative withdrawal methods to all clients for future funds/earnings. From WIRE withdrawal to External Card Withdrawal and ACH/EFT in some regions, there is a variety of options plus the Paxum Unionpay card remains available.

It is important to note that this action by the FCA only affects the Paxum SEPA Mastercard. The Paxum Unionpay card has a completely different card issuer and is fully available to use.

Here's a quick breakdown of some questions we anticipate you will be asking.

What caused this?

The Financial Conduct Authority (FCA) suspended operation of Wirecard Card Solutions; our card-issuing partner for the Paxum SEPA Mastercard.

Is Paxum in trouble?

No, Paxum has not done anything wrong and is only affected because Paxum SEPA Mastercards are provided and issued by Wirecard Card Solutions Limited. Paxums' business remains fully intact and completely operational.

Does this affect the Paxum Unionpay Card as well?

No, the Paxum Unionpay card is not affected by this situation, it remains fully operational and can be used as normal worldwide.

What does this mean for my money?

Any new funds sent to your Paxum account can be accessed through the various options described earlier in this email; Wire, External card withdrawal, EFT, Paxum Unionpay, etc. All funds already loaded to the Paxum SEPA Mastercard remain safe and secure, unfortunately they cannot be accessed at this time.

When will my money be released?

The FCA suspension occurred earlier today (Friday, June 26th 2020) and we have no further information at this time. You will eventually be able to access your Paxum SEPA Mastercard funds, but the FCA must first release the funds, which can take time.

As soon as we are informed of any further actions we will immediately update you.

Sincerely,

The Paxum Team

[Pad]

key takeaways for me

1. not paxum's fault
2. funds will be available again
3. paxum not in trouble - no issues w/ longevity

thanks chris

[Austin - MrSkinCash]

Tough spot to get put in but you guys are on top of it. Hopefully it's resolved soon.

[ianmoone332000]

Damn thats the card i have. Im sure il get it sorted

[lucas]

Chris if I order Unionpay card today (express) how long it will take to get it (EU)?

[Adraco]

Originally Posted by Chris

Please be advised that the Paxum SEPA Mastercard backed by Wirecard Card Solutions Limited has been temporarily suspended, effective immediately. All existing Paxum SEPA card funds remain safe and secure, however already loaded card funds cannot be accessed at this time. We sincerely apologize for the lack of notice.

Earlier today the Financial Conduct Authority (FCA) issued a declaration for the immediate suspension of Wirecard Card Solutions Limited regulated activity. Unfortunately this means that the funds on your Paxum SEPA card have been frozen and are temporarily unavailable for you to access and withdraw. You can read more about this here - https://www.fca.org.uk/news/news-sto...-authorisation

While Paxum has no way to release the already loaded card funds, we continue to offer alternative withdrawal methods to all clients for future funds/earnings.

Yesterday we were told that all clients would be given reasonable time to empty their cards. How can it be so totally opposite messages in less than 24 hours? Seems like someone didn’t do a correct risk assessment?! Ruth wrote just yesterday that it was an ”unlikely event”:

Originally Posted by RuthB

In the unlikely event that Mastercard revokes Wirecard Card Solutions license, or if Wirecard Card Solutions goes out of business, all clients will have reasonable time to empty their card balance, plus a Paxum Unionpay card would be issued free of charge, with activation fees waived in order not to cause any inconvenience to Paxum account holders.

[adultchatpay]

Stay calm paxum users. It will be alright soon.

[el_mago]

Fuck Paxum (for closing my account that I've had since around 2008~ and was relatively useless anyway, losing TruCash card funds, paying for useless cards that didn't even work a single day) Fuck WireCard, and FUCK the op! Better start handing out resumes

[Video-Post]

Here we go again...

[Video-Post]

Don't hold your breath boys ever getting your money. I'm still owed money from 2018.

This shit happens over and over again. I think this was the latest incident (before the current one):

https://m.gfy.com/fucking-around-and...nds-cards.html

Seriously, I lost track but they should have burned through 4 processors in the past 2 years or so. Not even counting anymore.

[Video-Post]

"Randy, I can hear a shitstorm coming!!!"

[Video-Post]

Originally Posted by el_mago

Fuck Paxum (for closing my account that I've had since around 2008~ and was relatively useless anyway, losing TruCash card funds, paying for useless cards that didn't even work a single day) Fuck WireCard, and FUCK the op! Better start handing out resumes

That's what happens when you get the truth out on the boards. They wouldn't want to lose any of their oh so precious awards for "Payment Processor Of The Year" for the 4th time in a row and other garbarge like that.

[Video-Post]

Oh and Chris, GFY!

[Video-Post]

Originally Posted by Video-Post

Oh and Chris, GFY!

Chris Join Date: May 2003

God I hate fucking newbies!

[Video-Post]

Originally Posted by Video-Post

Chris Join Date: May 2003

God I hate fucking newbies!

I fucking OWN you by 2.5 years, biiiaaatch!!!

[RyuLion]

Originally Posted by Video-Post

I fucking OWN you by 2.5 years, biiiaaatch!!!

[trevesty]

Originally Posted by Adraco

Yesterday we were told that all clients would be given reasonable time to empty their cards. How can it be so totally opposite messages in less than 24 hours? Seems like someone didn’t do a correct risk assessment?! Ruth wrote just yesterday that it was an ”unlikely event”:

Paxum. Risk assessment.

That's a good one.

[gorillaz_]

any paxum alternative ?

[ladida]

Originally Posted by Adraco

Yesterday we were told that all clients would be given reasonable time to empty their cards. How can it be so totally opposite messages in less than 24 hours? Seems like someone didn’t do a correct risk assessment?! Ruth wrote just yesterday that it was an ”unlikely event”:

You're naive if you believe anything of the sort. I don't have wirecard but it seems it got blocked just now. So from time wirecard news hit the internet, to now, there was plenty of time to empty it. Unless well, you have way too much in online "banks" anyway.

[Adraco]

Originally Posted by ladida

You're naive if you believe anything of the sort.
...
Unless well, you have way too much in online "banks" anyway.

Thank you for your concern, I may be many things but naive is not one of them.

Originally Posted by ladida

I don't have wirecard

Neither do I.

I barely made a reflection upon how Paxum one day said ”all clients will have reasonable time to empty their cards” and noted that Paxum considered it to be an ”unlikely event” - what do you know - less than 24 hours later - that was not the case any longer and it all stopped. ”Don’t write checks your ass can’t cash” - don’t promise things which are not in your control. Chances are, that some people might actually believe what you say.

[nikki99]

Originally Posted by adultchatpay

Stay calm paxum users. It will be alright soon.

[nikki99]

Originally Posted by gorillaz_

any paxum alternative ?

no...............

[ladida]

Originally Posted by Adraco

don’t promise things which are not in your control. Chances are, that some people might actually believe what you say.

Thing is, sometime you have to write what you write for the sake of business/boss/goverment and you have no control over it. It doesn't even have to be business decision. Somethin along the line of "masks are necesairry" to "masks are not necesairry" back to "masks are necesairry" etc guidelines from WHO about the coronavirus.

So always trust your logic first.

[CaptainHowdy]

Oh, well . . .

[Video-Post]

Originally Posted by lucas

Chris if I order Unionpay card today (express) how long it will take to get it (EU)?

Can you even use that card outside of China? I did a little research some time ago and they are pretty much non-accepted (outside China, of course).

I mean not even like a small blip like AmEx outside the States. You might as well try waving your Walmart or Whole Foods card around. That'll make a bigger impact.

[Video-Post]

Originally Posted by Adraco

I barely made a reflection upon how Paxum one day said ”all clients will have reasonable time to empty their cards” and noted that Paxum considered it to be an ”unlikely event” - what do you know - less than 24 hours later - that was not the case any longer and it all stopped. ”Don’t write checks your ass can’t cash” - don’t promise things which are not in your control. Chances are, that some people might actually believe what you say.

.

Come on guys - this is LITERALLY the 4th time Paxum pulls the EXACT same thing in as many years (that's 4 - no worries, I keep track). How can anybody so stupid (pardon my French)?

Ok, let's all hold hands now and repeat...

mmmmmmmmm

Behold! A new card is on the horizon! Fear not for salvation is near!

mmmmmmmm

Anyone stupid enough to have had money on our beloved card that has been so recently taken from us...

mmmmmmmm

...shall receive back every cent, dime or penny owned, though the mills of justice grind slowly these days.

mmmmmmmmm

Should you still be alive when the time cometh,
rest assured that all the laywers, courts, liquidators and the humble servants of the judicious system will have spent all.

mmmmmmmmm

.

[Pad]

Originally Posted by Video-Post

I fucking OWN you by 2.5 years, biiiaaatch!!!

"biaaatch - that's the trademark - short dog in the house"

required listening especially for all you clowns who stopped pimping hoes and went soft in the era of the sjw



ps paxum will be alright

funds are safu just breathe and be patient

[nickutis]

are we switching back to checks yet again?

[bill_musk]

This story reminds me the old ForstChoicePay shitstorm. Brace yourself.

[Brian mike]

So now all the one that complaint are the one that Keep money in their card instead of in their Paxum account right ?

Why people keep leaving money on those card ?

[Brian mike]

Originally Posted by Video-Post

Can you even use that card outside of China? I did a little research some time ago and they are pretty much non-accepted (outside China, of course).

LIE ...

Im in Canada and the card is accepted in many place to my surprise . I see more and more logo Unionpay card on some terminal at some store at the mall etc...

Also TDbank ATM accept withdraw from union pay card... to name a few ...... You should do some more research i guess

[SekobA]

So same story ....Im so glad i stopped using Paxum. Good Luck all

[uncle zebbo]

shoot me down if I'm wrong but...

From what I read, wirecard are only 'facilitators' for the transactions and don't 'hold' the money.

Paxum 'holds' the money attached to the card and the money is/should be ring-fenced in a separate account. Using my card recently, some transactions have been blocked and the reply to my query has been "we" (Paxum) do not allow this type of transaction.

So Paxum could withdraw the funds from the 'ring-fenced' account and credit the account holders?

But then again, if this was true, Paxum could blame Wirecard and pocket the lot.

hmmm...I wonder what they'll do? :D

[lucas]

https://www.reuters.com/article/us-w...-idUSKBN23Y0QQ

Looks like the German Wirecard is going to run its business without interruption.

So what will British FCA gonna do?

[uncle zebbo]

lucas - the way I read it is that Wirecard Bank is still solvent. Wirecard Card Solutions is the subsidiary that went tits up.

I hope I'm wrong

[lucas]

Originally Posted by uncle zebbo

lucas - the way I read it is that Wirecard Bank is still solvent. Wirecard Card Solutions is the subsidiary that went tits up.

I hope I'm wrong

From what I have read the Wirecard Card Solutions was clean without any shady stuff but the British FCA suspended all actions to prevent exit scam/transferring cash to Wirecard AG. This action affected MILLIONS of users worldwide.

If this is temporary we are talking about days, weeks or months? I think we are going to learn more on Monday.

[lucas]

Here is the Payoneer CEO about the situation:

https://www.youtube.com/watch?v=QQLOEmfEeTI

[uncle zebbo]

lucas, thanks for the link and thanks to the Pioneer CEO for making it a bit clearer - as you say, we'll find out more on Monday.

Wish Ruth would come in and give a pep talk - Ruth, where are you?

[webgurl]

Originally Posted by lucas

https://www.reuters.com/article/us-w...-idUSKBN23Y0QQ

Looks like the German Wirecard is going to run its business without interruption.

So what will British FCA gonna do?

Our WC card and account does not work here, we are in Berlin. It worked last week.

[lucas]

Originally Posted by webgurl

Our WC card and account does not work here, we are in Berlin. It worked last week.

But this card is from paxum, yes?

[webgurl]

Originally Posted by lucas

But this card is from paxum, yes?

Yes and like others said, had no idea it was connected to WC.

[lucas]

Originally Posted by webgurl

Yes and like others said, had no idea it was connected to WC.

All paxum cards were issued by Wirecard Card Solutions that is located in UK and was suspended on Friday.

[Steve G]

Not all paxum cards. Some are issued thru Union Pay.

[lucas]

Originally Posted by Steve G

Not all paxum cards. Some are issued thru Union Pay.

You are right. All paxum cards that stopped working were issued by Wirecard Card Solutions from UK.

[Brian mike]

Originally Posted by Steve G

Not all paxum cards. Some are issued thru Union Pay.

[lucas]

UPDATE from FCA:

Update 29 June

Following last week’s news of €1.9 billion missing from the accounts of the German company, Wirecard, we placed requirements on the firm’s UK business so that it should stop carrying out regulated activities and not pay out or reduce any money it holds. Our primary objective all along has been to protect the interests and money of consumers who use Wirecard.

Teams from across the FCA have been working with the firm, and other international and UK authorities, over the weekend, and we have seen good progress by the firm in meeting the conditions we set.

We are maintaining pressure on the firm to resolve these issues which would allow it to operate under certain conditions. However, we cannot lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns for example that all clients' money is safe. We hope to be able to issue an update soon.

https://www.fca.org.uk/news/news-sto...-authorisation

[uncle zebbo]

lucas - excellent, thanks - it seems to be going in the right direction, maybe by the end of the week we'll have access to our funds.

Crazy thing is, as soon as that happens, people will race to remove their money before the firm is insolvent !!

[webgurl]

Originally Posted by lucas

UPDATE from FCA:



https://www.fca.org.uk/news/news-sto...-authorisation

Thanks for that info Lucas.

[lucas]

FCA lifted the freeze:

On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

The primary objective of these requirements 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. The FCA’s consent means that Wirecard can now resume electronic money and payment services to its customers and customers can now, or very shortly, use their cards as usual.

https://www.fca.org.uk/news/news-sto...-authorisation

[Denny]

Originally Posted by lucas

FCA lifted the freeze:




https://www.fca.org.uk/news/news-sto...-authorisation