Wirex, a popular digital payments platform, is facing potential card outages in the European Economic Area (EEA) due to a licensing issue with UAB PayrNet, their card issuer. The issue has arisen due to a regulatory review of UAB PayrNet’s licensing application, which has caused delays in processing Wirex’s card transactions.
Impact of the Card Outages on Wirex Cardholders
According to a release, the potential card outages could have a significant impact on its users in the EEA, who rely on the platform for their day-to-day transactions. The outage would mean their Wirex users would not be able to use their Wirex debit cards to make purchases or withdraw cash from ATMs.
In its notification to users, the firm affirmed that PayrNet’s issue did not affect any of its other services and that users’ funds are secured.
Therefore, Wirex users in the EEA are advised to consider alternative payment methods, such as bank transfers or other digital payment platforms. Also, Wirex suggested that users can still access their funds through their Wirex app, and can also use the app to make purchases online or send money to other Wirex users.
Wirex Expands Service with Strategic Partnership
In order to get its card services backup as soon as possible, Wirex is now accelerating its plans to work with Transacts Payment Malta Limited for its debit card management.
Despite the potential card outages, the company remains committed to providing its users with a seamless and secure digital payment experience. The company has assured its users that it is working diligently to resolve the issue and minimize any disruption to its services.
As the digital payments industry continues to grow and evolve, companies like Wirex will need to remain vigilant and adaptable to ensure compliance with local laws and regulations.
Bank of Lithuania Revoke UAB PayrNet’s License
Cryptopay, another payment service provider, also announced a possible disruption to its card services citing PayrNet’s issue with Lithuanian regulators. Earlier in the week, the Central Bank of Lithuania revoke PayrNet’s license for failing to properly administer anti-money laundering provisions and serious violations of legal acts amongst others.
However, Stephens Couttie, PayrNet’s director has faulted the regulator’s action adding that the punishment was excessive for the violation committed.