Wirecard Issues

As Tymit cards are issued by Wirecard, and they are having a bit of a tough time right now, should Tymit cardholders be concerned? What is Tymit’s backup strategy?

I’d also be interested to hear from Tymit RE. Wirecard

Wirecard have collapsed - filed for insolvency today.

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Curve put out a statement a few days ago, but it looked like they were already transitioning away from Wirecard.

https://community.curve.app/t/wirecard-update/21601

Martin Magnone, founder and CEO has released a statement…

You may have seen the news today, that Wirecard AG Group has filed for insolvency in Germany.

As our card issuer and payment processor the situation Wirecard is facing is a prime concern for us and we can assure you that we’re taking every possible measure to ensure our level of service is not impacted by any of these issues.

We have been assured by our counterparts at Wirecard that the business units Tymit has relationships with are independent business units of the Wirecard AG group and remain financially healthy and unrelated to the cases of fraud made public.

The operations of the businesses at Wirecard that provide services to Tymit, have not been affected so far. Furthermore, we have every reason to believe that their operations will not be significantly impacted, regardless of the outcome that the Wirecard AG group faces including insolvency.

We have nevertheless a contingency plan in place and are prepared to take any quick mitigation measures that will ensure the continuation of our services in any event.

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It’s not getting any better…

https://www.bloomberg.com/news/articles/2020-06-25/visa-mastercard-weigh-cutting-ties-with-wirecard-after-scandal

oh dear…

@Tom. It would be good for Tymit to confirm the impact of the FCA’s action today on Tymit and the mitigation measures mentioned in your CEOs statement yesterday

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Curve have today suspended their curve card and have asked people to use an alternative for now until they have migrated to a new provider.

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Some clarity on your contingency plans would be really good right now :frowning:

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Update:

Unfortunately, as a result of the Financial Conduct Authorities decision to stop our card issuer Wirecard Card Solutions Limited from undertaking regulated activity, you will be temporarily unable to make new purchases with your Tymit card.

We are now working hard to transition our card program to a new provider, so that we can resume activity as soon as possible. We’ll update you as soon as we have a timeline.

We would like to reassure you that in the meantime your ability to access the app, manage your bill and make payments to your Tymit account remain unaffected and our team are on hand to provide any advice or support needed.

We sincerely apologise for the inconvenience this has caused and would like to thank you for your support and understanding during this challenging time.

Thanks,

Martin, Founder & CEO

So are we talking a couple of days or weeks? I have my Tymit card linked to a number of payments - mobile phone, Apple, Amazon etc. Do I need to switch payment method now or do I wait and see if you can fix the Tymit card. I appreciate you are working on this with urgency - but ballpark timeline is needed now really. Thanks.

I’d change any payments if they were due within a week, and see what happens early next week.

I’m expecting a refund to my Tymit card in the next few days. Please let us know how these will be affected when you can.

Thanks.

For now, switching all my payments away from Curve and Tymit.

Hi @Stephen thanks for raising this question! Currently, we don’t have a timeframe but we are working with urgency around the clock and hope to share some news very soon. In the meantime, we would recommend that until we can provide you with an update that you use a different card temporarily.

Hi @robocop, thank you for reaching out to us! We’re working on ensuring that there is minimal disruption to our customers and as such limiting any financial impact. We can assure you that you won’t be out of pocket but would recommend that you reach out to our support team so that we can discuss details around your expected refund.

I’d also like to share with the rest of our community, that in light of recent events, our support team will be working out of our normal hours during this weekend to provide any help needed. While this will be at a reduced level, we hope this can provide comfort to our customers.

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Thanks for the update and reassurance @Iqra :slightly_smiling_face:
Hopefully things can get back to normality soon!

Thanks Iqra for the reply. It’s only a small refund, so I’m not too bothered and can wait till the dust settles. It’s better your team prioritises those in need and getting a workaround implemented ASAP.

I work with banking systems so understand what Tymit and other providers reliant on Wirecard must be going though. It’s beyond any incident I’ve ever had to manage so good luck and hope Tymit gets through it OK.

From Tymit’s facebook account:

We’re back! You can now use your Tymit card normally, both online and at physical locations.