Yesterday, about a week after the explosion of one scandal that has embarrassed the whole of Germany, the company applied to initiate insolvency proceedings.
A few hours later, however, new ones arrived bad news from Mastercard and Visa, apparently ready to slide off in the midst of the crisis. Wirecard now appears increasingly on the brink and the situation is still quite complicated at the moment.
Wirecard crisis: what the farewell of Visa and Mastercard will entail
Before the crisis, Wirecard was a brilliant German company operating worldwide and specialized in the supply of financial services and technologies.
One of its strengths has always been the offer of solutions for i electronic payments through networks such as Visa and Mastercard, the same networks that could soon abandon it.
The latest news was reported by Bloomberg, according to which the two companies are now considering whether to continue allowing Wirecard to process payments on its networks.
All this, obviously, following the massive accounting scandal exploded last week.
Mastercard and Visa, the newspaper continued, have already communicated to some Wirecard customers that the company’s access to their payment networks could be revoked. At the moment, however, neither company wanted to comment on the press rumors.
“We continue to monitor developments closely and will evaluate new information as it becomes available. Our priority is and always will be to maintain the integrity of the Visa payment system protect the interests of consumers, merchants and customers, ”
a spokesman for Visa said without going further on the Wirecard crisis.
Words, these, which echoed those of Mastercard:
“Our priority is to ensure that people can continue to use their cards. We will continue to work with all parties and we will be ready to take any necessary action. ”
What is certain is that the loss of two of the largest networks in the world would be yet another blow to the German, which earns precisely by helping companies to process payments from customers.
The German fintech itself has spoken on the issue and to “avoid misunderstandings” and try to reassure everyone confirmed that its IT systems are continuing to operate without limitations.
At the moment, therefore, the issue is more complex than ever. Wirecard is now in full crisis, a crisis that will further worsen with the farewell of Visa and Mastercard.