A couple of days ago people in digital marketing chats started raising questions as to what is going on with Payoneer and Paxum.
Support teams advised affiliates to transfer and withdraw funds from these payment systems with caution, while the services themselves claimed that the money stored on Payoneer and Paxum accounts and cards were safe and secure.
Then, Exoclick informed its partners that Paxum had been temporarily disabled as a payment method due to circumstances outside of the network’s control.
So, what has gone wrong with Paxum?
It all started on June 19 when payment processor Wirecard (Paxum’s partner) was charged with money laundering. To put a long story short, the accounting scandal centers on a missing sum of $2.1 billion that never entered the Philippine financial system. It still remains unknown where the money is now. The company’s stock fell considerably as financial authorities launched an investigation against Wirecard.
Considering that this is the second payment system after ePayments that has been accused of not playing fair, the concerns of Paxum and Payoneer (Payoneer’s card were issued by Wirecard not so long ago, while Paxum is Wirecard’s processing partner) are more than justified. However, Paxum also claims that it will continue to operate as usual and is looking forward to resuming its cooperation with Wirecard once all issues are resolved.