Dear Customer,

Below is an important message from Wirecard Card Solutions Limited regarding your Payoneer Prepaid MasterCard® Card. 

Planning for Brexit 

Although the manner and timing of Brexit is still not clear at the date of this letter, we are taking steps to ensure we can continue providing the Payoneer Prepaid MasterCard® Card if the UK leaves the EU without an agreement ("Hard Brexit").

How a Hard Brexit might impact on Payoneer Prepaid MasterCard® Card 

Payoneer Prepaid MasterCard® Card is issued by Wirecard Card Solutions Limited ("WDCS"), a UK authorised Electronic Money Institution which is currently able to issue e-money and provide payment services in the other EU countries ("EU27") using "passport" permissions.

In the event of a Hard Brexit, WDCS expects that it will no longer be allowed to use these passport permissions and so WDCS would not be able to issue e-money and provide payment services in the EU27 after a Hard Brexit.

Notice of changes to our agreement with you 

In light of the above, we will make certain changes to the way we provide the Payoneer Prepaid MasterCard® Card to you after the Hard Brexit.
We will be varying the terms and conditions with you, as described in the below Appendix to this letter. The main change will be that the Payoneer Prepaid MasterCard® Card will be issued by Wirecard Bank AG, a sister company of WDCS, in place of WDCS. Wirecard Bank AG is a credit institution, authorised in Germany and supervised by the German financial services regulator, Bundesanstalt für Finanzdienstleistungsaufsicht (or "BaFin").

Upon a Hard Brexit, the changes to our agreement with you will take effect on the Hard Brexit date. Other than the changes that we are describing in this letter and in the Appendix below, the terms and conditions with you will remain in full force and effect on their existing terms. You will continue to receive the services as you currently do.

What will happen if there is no Hard Brexit? 

If Hard Brexit does not occur and WDCS is able to continue providing the relevant services under its passports, then WDCS will remain as the e-money issuer and payment service provider under the terms and conditions and there will be no transfer to Wirecard Bank AG. If this happens, your terms and conditions will stay exactly as they are today and the changes to your terms and conditions set out in the Appendix will not take effect.

Next steps 

You will not need to take any action in order for these changes to your terms and conditions to become effective and, in the event of Hard Brexit and the transfer to Wirecard Bank AG taking place, you will be deemed to have accepted these changes, unless you tell us otherwise.

If you would like more information, or wish to discuss the content of this letter, please contact us.


Thank you,

The Payoneer Team on behalf of Wirecard Card Solutions Limited.


Appendix



The Payoneer Prepaid MasterCard© Card Terms and Conditions are to be updated with the following revisions:



Details of the payment service provider 

The e-money and card issuance services will be provided by Wirecard Bank AG, a credit institution authorised and regulated by the Federal Financial Supervisory Authority in Germany which ID number 117969, whose registered office is at Einsteinring 35, 85609 Aschheim, Germany.

We reserve the right to make changes to your spending limits if we are required to do so by law.

Complaints and redress 

If we are unable to resolve any complaint you may be able to refer it to Germany's financial services ombudsman, who can be contacted using the following details:
1. Wirecard Bank AG is a participant in the dispute settlement procedure of the German consumer arbitration body "Ombudsman of Private Banks" (www.bankenombudsmann.de). The You may resort to the German Ombudsman of Private Banks to settle a dispute with Wirecard Bank AG. Further details are available at www.bankenverband.de. Complaints must be addressed in text form (e.g. by letter, telefax or email) to:
Kundenbeschwerdestelle beim Bundesverband deutscher Banken e. V., Postfach 04 03 07, 10062 Berlin, fax: (030) 1663-3169, email: ombudsmann@bdb.de.
2. Furthermore, you may at any time file a complaint in writing, or have a complaint recorded, at the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), located at Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Str. 24-28, 60439 Frankfurt am Main, Germany, if Wirecard Bank AG breaches the applicable German law provisions 1.
3. The European Commission has also set up a European online dispute settlement platform (OS platform) at www.ec.europa.eu/consumers/odr. Consumers may use this OS platform for the out-of-court settlement of a dispute arising from online contracts with a company based in the EU.

_______________

1 The Client may file these claims in case of breach by the Bank of the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz (ZAG), Sections 675c – 676c of the German Civil Code (Bürgerliches Gesetzbuch (BGB)) or Article 248 of the Law of Introduction to the German Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuch (EGBGB)).

[1] The Client may file these claims in case of breach by the Bank of the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz (ZAG), Sections 675c – 676c of the German Civil Code (Bürgerliches Gesetzbuch (BGB)) or Article 248 of the Law of Introduction to the German Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuch (EGBGB)).