Our response to Wirecard and using your explorer Mastercard®

Our response to Wirecard and using your explorer Mastercard®

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What has happened?

Your explorer™ Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to license by Mastercard International Inc. Due to the recent decision by the Financial Conduct Authority (FCA) in the UK, Mastercard have temporarily suspended all prepaid cards that are issued by Wirecard Card Solutions, which includes explorer Mastercard. They have taken this temporary action whilst they work quickly on resolving the issue.

What does this mean for you?

If you have an explorer card your access via moneycorp’s online platform and mobile app will be temporarily paused. This means you will unfortunately not be able to load or remove funds from your explorer Mastercard. The safety of your funds is our number one priority and we are taking this precautionary measure whilst we work closely with Mastercard to get this resolved as quickly as possible for you.

Is my moneycorp international payments account affected?

No, you can access your moneycorp account online, via the app or over the phone. Only access to your explorer prepaid card is affected.

I have a moneycorp bank explorer card, is that affected?

Moneycorp bank pre-paid card is issued by Moneycorp Bank, so you can still use your card and therefore not affected. Access online or over the app will not be available, however you can still call the moneycorp bank team for any queries.

 

We are working hard to ensure your explorer card is back up and running as soon as possible, and when we find out more from Mastercard we will update this page accordingly. Mastercard in the meantime have produced some FAQs that may help you further.

Mastercard FAQs

What does Wirecard have to do with my card?

Wirecard Card Solutions Ltd is the issuer of your prepaid travel card.

What can I or can’t I do with my card? What is the restriction?

During the suspension cards cannot be used for spend of any amount.

Can I withdraw or spend my remaining balance?

At this time, you will not be able to load, reload, spend or withdraw funds from your card. This is a temporary suspension and we will provide further information as soon as we can.

How long will my card be suspended?

At this stage we are unable to say as this is subject to the Financial Conduct Authority (FCA) in the UK who make the decision on when the suspension can be lifted.

Who is the FCA and why did they take this action now?

The FCA is the UK’s designated competent authority, responsible for granting firms based in the UK, permissions to undertake e-money activities and payment services and, it is within the FCA’s power to take supervisory action in certain cases to protect the interests of a firm’s customers.

What happens to the funds if I can’t use my card - are they safeguarded?

Wirecard is required under the E-Money Regulations to maintain appropriate measures to safeguard customer’s money. It does this by holding it separate from its own money in accounts with banks (or a credit institution). Adequate safeguarding arrangements which are compliant with the regulatory requirements are a condition of Wirecard’s ongoing Financial Conduct Authority (FCA) authorisation.

When will I be able to access my funds?

We cannot say at this point, but the FCA is working with the issuer to progress these matters and any updates will be made available on the websites as soon as we know further.

Will I be sent a replacement card?

There is no need to be sent a replacement card because it is the account that has been suspended by the FCA. The provision of a replacement card will not change that status.

How can I view my remaining balance?

You may view your balance via the mobile app or My Account, which is accessible via the website.

What happens if FCA does not change its decision on Wirecard?

As above, Wirecard is required under the E-Money Regulations to maintain appropriate measures to safeguard customer’s money and the FCA has taken precautionary action to protect the interests of customers.

How can I find out more?

As soon as more information is available, the website will be updated.

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