Crypto debit cards latest?

Shamo

suave.4u wrote: »

Wow, even Aldi and Tesco are present. Wonder whether this is only for USA though, cause on the app I don't see many shops.
Have you received any cashback?

Yeah I received 10% back today and then checked up on it as didn't realise there was an offer going on.

Bob24

Yep the extra cash back on the card is definitely working here with Tesco.

There are 2 different things though which might cause confusion: the 10% MCO cashback in the card in some shops, and also CRO cashback for buying gift vouchers in the app with Crypto.com Pay (which might be what you were looking at).

makeorbrake

suave.4u wrote: »

Wow, even Aldi and Tesco are present. Wonder whether this is only for USA though, cause on the app I don't see many shops.
Have you received any cashback?

That reminds me - Fold and Lolli have been making great strides forward in facilitating new users stacking sats via their rewards programmes. They're US only right now but hopefully they will go international soon.

makeorbrake

This may be of relevance to any of you with crypto.com debit cards:

LINK

"According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade."

Who stuck their mitts in the cookie jar? Quite the cookie jar at $2 billion!

Bob24

makeorbrake wrote: »

This may be of relevance to any of you with crypto.com debit cards:

LINK

"According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade."

Who stuck their mitts in the cookie jar? Quite the cookie jar at $2 billion!

While very successful (pretty much every fintech issuing payment cards in Europe had to to rely on their services at one point), Wirecard seems to be having regular and sometimes serious governance issues - they definitely need to do something about that.

Having said that, I don't think there is any major concern for crypto.com users as Wirecard doesn't hold any funds. They are only the card payment processor, so the very worst case is that cards stop working (and even that isn't very likely IMO).

makeorbrake

Bob24 wrote: »

Having said that, I don't think there is any major concern for crypto.com users as Wirecard doesn't hold any funds. They are only the card payment processor, so the very worst case is that cards stop working (and even that isn't very likely IMO).

Yup, it was that aspect of it that I was referring to i.e. the potential for cards to stop working. We've had this happen in the past (visa responsible for pulling the rug out from under crypto cards in the past). I think these cards are a good bridge/interim product - and the space is better with them for right now - so would hope that they stay in place.

Bob24

makeorbrake wrote: »

Yup, it was that aspect of it that I was referring to i.e. the potential for cards to stop working. We've had this happen in the past (visa responsible for pulling the rug out from under crypto cards in the past). I think these cards are a good bridge/interim product - and the space is better with them for right now - so would hope that they stay in place.

Yes - my knowledge of the space is limited and I could be wrong, but a systemic risk for the industry seems to be that beyond Wirecard there aren't many other options (if any) for a fintech to simply roll-out payment cards across Europe without that fintech becoming a card payment processor itself.

Bob24

makeorbrake wrote: »

This may be of relevance to any of you with crypto.com debit cards:

LINK

"According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade."

Who stuck their mitts in the cookie jar? Quite the cookie jar at $2 billion!

Stock markets really not taking this very well! (rightly so)

The Wirecard share price is now 28 euros (was 100 euros yesterday morning).

makeorbrake

Bob24 wrote: »

Stock markets really not taking this very well! (rightly so)

The Wirecard share price is now 28 euros (was 100 euros yesterday morning).

In fairness it's not the sort of money you 'misplace' down the back of the sofa ....so if there's any sense, I think the share-price should tank. Then again, we are in the era of rampant money printing and people tripping over themselves to buy shares in bankrupt companies so who knows!

banie01

So do I buy wirecard now?

makeorbrake

banie01 wrote: »

So do I buy wirecard now?

Do you trade via Robinhood? If so, then YES!

Bob24

Crypto.com CEO on the Wirecard situation. Reassuring about customer funds but uncertain about the cards (although given that so many companies are using Wirecard to issue their cards, I still believe a solution will be found for all these cards to keep working).

https://twitter.com/Kris_HK/status/1276092011913736192?s=20

Shamo

Bob24 wrote: »

Crypto.com CEO on the Wirecard situation. Reassuring about customer funds but uncertain about the cards (although given that so many companies are using Wirecard to issue their cards, I still believe a solution will be found for all these cards to keep working).

https://twitter.com/Kris_HK/status/1276092011913736192?s=20

Glad to hear it. I had one issue with the card so far, I couldn't get it to work on Parcelmotel.com but it was fine if I went through Paypal.

banie01

Bob24 wrote: »

Crypto.com CEO on the Wirecard situation. Reassuring about customer funds but uncertain about the cards (although given that so many companies are using Wirecard to issue their cards, I still believe a solution will be found for all these cards to keep working).

https://twitter.com/Kris_HK/status/1276092011913736192?s=20

Mine is issued but yet to be shipped.
Will be curious to see what happens with its being delivered now and it's processing and management.

I'd assume that as wirecard are seeking insolvency protection that they will continue to operate as is until that's resolved?

If memory serves Revolut switched processors from wirecard a couple of years ago and it made no noticeable difference to users.
Wonder if that will be the case in Cryto.com's case?

Gooey Looey

banie01 wrote: »

Mine is issued but yet to be shipped.
Will be curious to see what happens with its being delivered now and it's processing and management.

I'd assume that as wirecard are seeking insolvency protection that they will continue to operate as is until that's resolved?

If memory serves Revolut switched processors from wirecard a couple of years ago and it made no noticeable difference to users.
Wonder if that will be the case in Cryto.com's case?

Didn't Revolut change from MasterCard

banie01

Gooey Looey wrote: »

Didn't Revolut change from MasterCard

That was a different change.
Revolut were in the wirecard platform and left it in 2018.
https://www.fintechfutures.com/2018/02/revolut-ditches-wirecard-for-in-house-card-issuing/&ved=2ahUKEwjtuOXgnJ3qAhVQShUIHSpuBMEQFjACegQIBBAB&usg=AOvVaw2Z3ayOzIjmKhmDVAG4Cj9i
https://www.google.com/amp/s/amp.ft.com/content/7f6bd2cf-8960-3e0d-af24-cf361b745815

Bob24

Shamo wrote: »

Glad to hear it. I had one issue with the card so far, I couldn't get it to work on Parcelmotel.com but it was fine if I went through Paypal.

Have you ever used it with chip and PIN at a physical location?

Not sure this is the problem but if you haven't done it yet you might want to do it once. I can't guarantee it is related but mine seems to see more widespread acceptance after I did that.

Bob24

banie01 wrote: »

If memory serves Revolut switched processors from wirecard a couple of years ago and it made no noticeable difference to users.
Wonder if that will be the case in Cryto.com's case?

Yes Revolut (and I believe N26) did transition from having Wirecard issue cards on their behalf to becoming a card issuer themselves.

So unless I am mistaken they didn't technically change card issuer, they rather ditched their issuer and became their own issuer.

Thing is, I think there might be a lot of technical and regulatory hurdles to be able to do this; and it doesn't look like something Crypto.com could be doing quickly (if at all, I am not sure they want to commit ressources to become a regulated card issuer in Europe at the stage).

In terms of finding another issuing partner, I admittedly don't know the market that well, but my impression is that one reason for Wirecard's success is that it isn't easy for fintechs to find other card issuers which have the infrastructure and regulatory approvals to very easily outsource to them the deployment of payment cards across Europe. Anyone knows more about this?

But again, my gut feeling is that while Wirecard as a company seems rotten to the core, their customer base and their business is very much real - and a lot of people in Europe are regularly using payment systems supported by Wirecard (not just payment cards, many other things related to digital payments). I could be wrong would be surprise if all of this collapsed with no motion fund to keep that business running and those customers served.

Shamo

https://blog.crypto.com/our-statement-regarding-wirecard-uk/

Cards are dead for now at least.

Bob24

Shamo wrote: »

https://blog.crypto.com/our-statement-regarding-wirecard-uk/

Cards are dead for now at least.

Argh that sucks ... bad timing less than a month after launch.

I have to say I am surprised as I relay didn't think the situation would lead to immediately stopping the service; if every other company relying on Wirecard has to disable them there will be a lot more announcements today (there are many more, but I think Curve is also relying on Wirecard).

Edit: and Curve is indeed currently offline as well: https://community.curve.app/t/wirecard-updates/22539
I guess many other cards besides Crypto.com and Curve ones are impacted, this is massive. Curve was actually in the process of moving away from Wirecard (good planning on they end!), so it must be doable - hopefully Crypto.com can organise something but it will take a while I assume.

Bob24

Says they are moving to a new vendor. But how long that could take I don't know ...

https://twitter.com/kris_hk/status/1276467556014886912?s=21

banie01

Lads this is all my fault!
I apply for my reward card and Wirecard goes tits up :pac:

Received an email from them just now with more info on the impact of Wirecards closure.

I actually closed my Curve account a couple of weeks ago too so not really impacted by that one.
I wonder who Coinbase Cards processor is?

A lot of the pseudo-bank and card aggregation providers are going to be severely impacted by Wirecard's closure.

Bob24

Apparently Coinbase are using a company called PaySafe to issue their cards, so they are ok.

Bob24

Just got an email from crypto.com. It says the balance on the card will be converted to USDC in the crypto wallet within 48 hours.

I don’t get why they are not simply moving it to the EUR fiat wallet ...

unkel

MCO taken a 35% hit or so in the last few days, presumably because of the wirecard issue. Glad I didn't get into this! Well I did, I applied for the card. But that was completely free, no need for buying or staking any coins.

Bob24

Well that didn't take long ... Just saw they have already removed the balance from the card and credited it back to the main wallet in USDC.

SkySter

Bob24 wrote: »

Well that didn't take long ... Just saw they have already removed the balance from the card and credited it back to the main wallet in USDC.

I transferred my FIAT balance back to my Irish Bank using a SEPA transfer this morning. Nothing showing on my FIAT balance so I assume I'll see it Monday.

Bob24

Now saying they are working “on the process of switching of the card program to [their] new vendor”.

This implies they have selected a new card issuer already. But waiting for more information in terms of how solid that statement is and how long the process might take.

https://twitter.com/kris_hk/status/1276614268067012608?s=21

makeorbrake

The fallout extends beyond crypto-cards.

LINK.

How the hell does $2 billion fall down the back of the sofa!? EY should get heavily criticised for this. It's like an Enron type scenario for the card industry.

Bob24

makeorbrake wrote: »

It's like an Enron type scenario for the card industry.

Basically this is why it looks like yes!

From what I gather there was a subsidiary in the Middle East which was creating loads of fake business and supposedly sending the profits to the Philippines, just to inflate the books.

EY and German regulators will indeed have some explaining to do.