Business Paxum Takes Unprecedented Action to Return Clients Frozen Wirecard Card Funds Itself

[RuthB]

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.

[lucas]

The suspension has been already lifted by FCA but it is great that you have step in

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

[CaptainHowdy]

Originally Posted by lucas

The suspension has been already lifted by FCA but it is great that you have step in

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

You know how public relations are . . .

[Adraco]

Very good call!!!

This is exactly what should have happened with the Trucash debacle. Good decision, make it a rule going forward from now on.

[SekobA]

So what happen with the yearly fee that we all pay and the card production (shipping).
New card new costs right? ...last time i was using the card only few month and i paid regular fees

[adultchatpay]

I got the email today as well. Good move paxum!

[radium]

.. i can finaly go sleep

[NALEM]

Originally Posted by RuthB

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.

So the Financial Conduct Authority in the UK publishes their decision on 26/06/2020 (June 26, 2020) that Wirecard can resume regulated activity,

and then ...

Paxum comes along on 29/06/2020 (June 29, 2020) to announce that "Paxum Takes Unprecedented Action to Return Clients Frozen Wirecard Card Funds Itself".

OMG. You make it look like you are going above and beyond, by advancing funds that are going to be released shortly anyways.

You may not owe it to your clients legally but you certainly owe it morally.
What you should of done, as soon as there was a whiff of troubles, is inform all your clients that they need to take certain precautions immediately (using alternative methods, withdraw funds, etc.) until this regulatory investigation is complete.

[Konda]

Originally Posted by NALEM

So the Financial Conduct Authority in the UK publishes their decision on 26/06/2020 (June 26, 2020) that Wirecard can resume regulated activity,

and then ...

Paxum comes along on 29/06/2020 (June 29, 2020) to announce that "Paxum Takes Unprecedented Action to Return Clients Frozen Wirecard Card Funds Itself".

OMG. You make it look like you are going above and beyond, by advancing funds that are going to be released shortly anyways.

You may not owe it to your clients legally but you certainly owe it morally.
What you should of done, as soon as there was a whiff of troubles, is inform all your clients that they need to take certain precautions immediately (using alternative methods, withdraw funds, etc.) until this regulatory investigation is complete.

It was not june 26 that the FAC announced it, it was also the 29th

But yeah that's what happened

[gorillaz_]

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

[elron]

so paxum is not an evolution of epassporte after all, good to know

[Denny]

Originally Posted by lucas

The suspension has been already lifted by FCA but it is great that you have step in

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

Hope our Paxum Wirecards will be unpaused soon.

[zerovic]

Originally Posted by Denny

Hope our Paxum Wirecards will be unpaused soon.

They should be during the day..well.. hopefully.

[Lykos]

That's the way to treat your clients. Amazing job !

[JamesDrews]

This is WHY Paxum is the BEST!

[Tjeezers]

Originally Posted by NALEM

OMG. You make it look like you are going above and beyond, by advancing funds that are going to be released shortly anyways.

You know what is so funny about gfy, I only remind you as the guy who shoots shitty pictures. Every time I see your name a neo light flashes up in my head that says " Shitty Picture" and that happens every time I see your name

So no matter what you think or say, you are the guy who makes shitty pictures.

Re: Paxum, at least they worked this weekend and tried to be ahead on the disaster. They took responsibility, and here you are spilling your shitty pictures on their posts.

Why don't you change your name to ShittyPicture?

[Konda]

Paxum didn't really do anything, it was the FCA that allowed Wirecard to activate the cards again so that all those affected can access their funds again.
Payoneer, Curve, etc. have been activated again as well.

[Tapaz]

Cards are still suspended . If you try to log in you must accept new wirecard terms of service but there is no active card, yet.

[Konda]

Originally Posted by Tapaz

Cards are still suspended . If you try to log in you must accept new wirecard terms of service but there is no active card, yet.

Strange, the cards from the other platforms that use Wirecard issued cards already work again. They should work by now.

The FCA wrote this last night "Customers should now or very shortly be able to use their cards as usual" and they work again for Payoneer etc so Paxum should work too.

[lucas]

Originally Posted by Konda

Strange, the cards from the other platforms that use Wirecard issued cards already work again. They should work by now.

There is over 70 companies like paxum and payoneer that use wirecard. Now we are waiting for mastercard to restart service for every company and they do not do this at once but one by one.

It will take up to 24h to restart everything.

[NALEM]

Originally Posted by Tjeezers

You know what is so funny about gfy, I only remind you as the guy who shoots shitty pictures. Every time I see your name a neo light flashes up in my head that says " Shitty Picture" and that happens every time I see your name

So no matter what you think or say, you are the guy who makes shitty pictures.

Re: Paxum, at least they worked this weekend and tried to be ahead on the disaster. They took responsibility, and here you are spilling your shitty pictures on their posts.

Why don't you change your name to ShittyPicture?

There is a lot of funny things about GFY:

- the sheer ignorance of many of its business members,
- alliances strictly based on where the members are from,
- bros (members) giving each other recommendations and votes even when they never have done business together,
- the hypocrisy of saying one thing yet doing another.

Where exactly do you fit in among the funny things Tjeezers?

- You are a fellow Romanian like Octav.
- You are considered wealthy by Romanian standards.
- Paxum is likely used to distribute funds to your RO models, instead of direct deposits into their RO bank accounts.

Perhaps I remind you of a man that slept with your mother when you were a young child.

And me? If you attended the industry shows back in those years that I had NALEM active, you likely know first hand,

- that the photos were not taken by me, but by photographers such as Buster.
- Buster takes very good photos of people in social gatherings.
- People enjoy having him around.
- Likely your beautiful face is smiling among the many photos that were taken for the
NALEM site, or for YNOT's gallery where current industry photos can be found.


IMHO your reply is actually quite sad. It only served one failed purpose, to distract from the reality of what is really going on with Paxum. The CEO/Managing Director/Owner is Octav, and he is in a really high risk very complex business by his own choosing. That doesn't excuse that:

- Octav aka Paxum's regular customer service channels are horrible.
- Only when people complain on a industry board such as GFY, will Ruth and occasionally
Chris get involved, and something maybe resolved.
- Octav has a history for hiding behind Ruth and Chris. He does not stand out in front of his
service.

Should I continue?

[celandina]

You are a fellow Romanian like Octav.
- You are considered wealthy by Romanian standards.
- Paxum is likely used to distribute funds to your RO models, instead of direct deposits into their RO bank accounts.

Romanian is not a nationality, it's a profession !

[webgurl]

Can someone please check if the status for the MC Paxum WC is still on "Paused" status? I can't get into my Paxum account" at the moment.

[lucas]

Originally Posted by webgurl

Can someone please check if the status for the MC Paxum WC is still on "Paused" status? I can't get into my Paxum account" at the moment.

I was able to transfer $$$ from checking to card:

Your transfer funds between accounts request was successfully completed.

[lucas]

But I was unable to withdraw from 3 ATM's.

"Unauthorized by your bank"

[lucas]

I was able to pay online bill. So it looks like the card is working online but not in ATM. Maybe there is some lag? Will try tomorrow.

[Denny]

Originally Posted by lucas

I was able to pay online bill. So it looks like the card is working online but not in ATM. Maybe there is some lag? Will try tomorrow.

Keep us posted.

[Adraco]

@lucas
Empty your card by paying for services upfront, send money to a friend via Gaypal or something. Just depleat your account as long as it remains open.

[lucas]

Originally Posted by Adraco

@lucas
Empty your card by paying for services upfront, send money to a friend via Gaypal or something. Just depleat your account as long as it remains open.

Why?

I was also unable to change PIN of that card. Unexpected error.

[zerovic]

I just logged in to my account and it says the card is Active again

[webgurl]

Originally Posted by lucas

But I was unable to withdraw from 3 ATM's.

"Unauthorized by your bank"

Hmmm this is what i am looking to do, withdraw funds from ATM
Where are you located Lucas?

[zerovic]

Originally Posted by webgurl

Hmmm this is what i am looking to do, withdraw funds from ATM
Where are you located Lucas?

I'll check it for you in a few minutes. But I'm in Serbia atm. Hope it helps..

[zerovic]

Nope, tried it on 2 different ATMs.. my Wirecard won't work..

Cheers,
z

[webgurl]

Yeah i just tried as well. Doesn't work either at ATMS, (in Germany)

[RuthB]

The Paxum Branded Prepaid Mastercards issued by Wirecard Card Solutions Limited should be working fine for both ATM and POS. We are aware that a few clients have encountered some errors and we have opened an investigation with the processor. Unfortunately since it is now after business hours in the UK we are unlikely to have any further updates until tomorrow (UK time).

[zerovic]

Originally Posted by RuthB

The Paxum Branded Prepaid Mastercards issued by Wirecard Card Solutions Limited should be working fine for both ATM and POS. We are aware that a few clients have encountered some errors and we have opened an investigation with the processor. Unfortunately since it is now after business hours in the UK we are unlikely to have any further updates until tomorrow (UK time).

Let me try.

Edit: Ps.sadly the ATM near me is out of money.I'll check it tomorrow...

[webgurl]

Originally Posted by RuthB

The Paxum Branded Prepaid Mastercards issued by Wirecard Card Solutions Limited should be working fine for both ATM and POS. We are aware that a few clients have encountered some errors and we have opened an investigation with the processor. Unfortunately since it is now after business hours in the UK we are unlikely to have any further updates until tomorrow (UK time).

Thanks for update Ruth, I will check today in few hrs (I'm in CET).

[TubeSubmitters]

Any chances of getting the funds from the old card?

[brassmonkey]

off topic will you ever do solo like eli nude?

[mule]

Originally Posted by Tjeezers

You know what is so funny about gfy

The funniest is that it never dies
Buna dimineata!
Ce faci?

[webgurl]

Originally Posted by zerovic

Let me try.

Edit: Ps.sadly the ATM near me is out of money.I'll check it tomorrow...

still didn't work for me today in the afternoon (ATM withdraw)

[zerovic]

I was able to withdraw money from my wirecard today. I was also able to transfer from my account to my card, and I was able to pay with my wirecard! For me, everything is back to normal

[lucas]

Originally Posted by webgurl

still didn't work for me today in the afternoon (ATM withdraw)

I was able to withdraw money from ATM today.

Try lower amount. Some payoneer users reported that they were able to withdraw but only if it was under $500 at a time. Some under $1000.

[webgurl]

Originally Posted by lucas

I was able to withdraw money from ATM today.

Try lower amount. Some payoneer users reported that they were able to withdraw but only if it was under $500 at a time. Some under $1000.

I'm not using the Payoneer, I have the Paxum MC issued by WC. Just trying to figure out the max daily limit on ATM withdraw 2500USD or around 2k Euro?