Wirecard Ceases Singapore Operations Nearly 2 Weeks Ahead Of MAS’ Stipulated Deadline

On Thursday (1 Oct), e-payment service provider Wirecard announced that it’ll be ceasing operations in Singapore. The move came nearly 2 weeks before the stipulated deadline on 14 Oct.

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The sudden halt to its Singapore operations caught many businesses by surprise, some of which have not sought alternative e-payment service providers.

Though customers might experience difficulties paying with their Visa or MasterCard during this period, there really is a simple and straightforward solution to it — use other payment methods like NETS.

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Wirecard was given till 14 Oct to stop payment services in Singapore

According to The Straits Times (ST), the Monetary Authority of Singapore (MAS) had ordered Wirecard to cease operation back on Wednesday (30 Sep).

This came after the company filed for bankruptcy in June.

Wirecard was reportedly given until 14 Oct to stop all payment services in Singapore. They were also required to return all customers’ funds by the deadline.

While they were given a 2-week ‘notice period’, Wirecard decided to end its Singapore operations just one day after its the announcement, reports ST.

Wirecard move caught businesses by surprise

Unsurprisingly, the move caught many local businesses using Wirecard’s services by surprise.

ST reported that some businesses started seeing credit card transactions getting rejected slightly after noon on Thursday (1 Oct)

Other operators also shared difficulties in finding an alternative e-payment service provider, mainly due to higher charges.

Wirecard’s main operations in Singapore include processing Visa and Mastercard payments on behalf of businesses.

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NETS, PayNow & cash still accepted

Though customers may not be able to pay using their Visa or Mastercard at their favourite stores, other payment methods are still available.

Veteran journalist Bertha Henson shared how her NETS card came in handy during her recent haircut.

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Other businesses like this Kaki Bukit bakery also encouraged customers to make payment using PayNow.

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If you’re someone who die die refuse to pay electronically, you’d be happy to hear that cash is still accepted.

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Hope affected merchants will be able to resolve issue soon

So if you plan on making purchases when you’re out and about today, play it safe by bringing your NETS card, mobile device with PayNow installed, or enough cash.

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We hope all affected merchants will be able to resolve the issue soon so customers can continue to enjoy greater convenience when it comes to payment.

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Featured image adapted from The Smart Local