A Guide to Wirecard: The Former Payment Provider
When searching for online payment methods, you may come across the name Wirecard. It is crucial for users to understand that Wirecard AG ceased its primary business operations in 2020 and is no longer an available payment method for consumers or merchants. This guide explains what Wirecard was and why it is no longer active.
What Was Wirecard?
Wirecard AG was a major German financial services and technology company that, for many years, was considered a leader in the global fintech industry. It provided a wide range of payment processing and card-issuing services for businesses and consumers worldwide.
Its core services included:
- Payment Gateway: Processing online payments (e.g., credit card, bank transfers) for thousands of merchants globally.
- Card Issuing: Issuing physical and virtual prepaid cards on behalf of other companies.
- Consumer Products: Wirecard operated its own mobile payment app and digital wallet called “Boon,” which was also discontinued.
Why is Wirecard No Longer Available? The 2020 Collapse
Wirecard’s downfall was one of the most significant corporate scandals in modern European history. In June 2020, the company collapsed after it was forced to admit that €1.9 billion in cash reported on its balance sheets likely did not exist.
The revelation of this massive accounting fraud led to several immediate consequences:
- Insolvency: The company filed for insolvency, unable to pay its debts.
- Service Discontinuation: All of its payment processing services and consumer products were shut down.
- Asset Sale: The company was dismantled, and various parts of its technology and regional operations were sold off to other financial institutions, such as Santander Bank.
Conclusion: An Unavailable Service
Due to its collapse and subsequent dissolution, you will not be able to select Wirecard as a payment option on any legitimate website today. While the company was once a major player in the payments industry, its name is now primarily associated with its dramatic and fraudulent collapse.
The story of Wirecard serves as a critical cautionary tale in the financial technology world regarding the importance of regulatory oversight and corporate transparency.
