Paxum to repay client funds frozen by Wirecard insolvency

Paxum Prepaid Mastercard funds frozen, Paxum to refund balances to customers for withdrawal through other methods

Adult industry payment processor Paxum, after initially claiming that their clients would be unaffected by the shenanigans at Wirecard, has decided to pay out client funds that are currently frozen as Wirecard has been declared insolvent. Account holders who have funds on Paxum-branded Prepaid Mastercards will be receiving an email with instructions to follow in order to get their balances refunded. If you do not receive an email, open a ticket with Paxum for more information.

The Paxum statement:

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.

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