As the demand for virtual bank accounts increased, physical card accounts that required annual fees restricted many users who needed to receive money to join, and physical cards had high management and maintenance costs. , including the handling of lost cards. Therefore, since March 21, 2016, Payoneer has started to enable cardless accounts. That is, the newly registered default accounts are all Payoneer cardless accounts with no annual fee, and MasterCard physical cards will no longer be issued. In 2020, the German payment giant Wirecard announced to file for bankruptcy.
As Payoneer's physical card issuing partner, Payoneer was implicated in this incident, resulting in the temporary freezing of the customer's physical card. Although a few days mobile number list later, the physical card was unsealed. But this incident had some impact on Payoneer's reputation. Subsequently, Payoneer established its own European card issuing company, and the prepaid debit card was also transferred to "Payoneer (EU) Limited". virtual debit card In 2021, in order to facilitate customers to make cross-border payments, Payoneer will start internal testing of virtual debit cards. The Payoneer MasterCard physical card is also gradually withdrawing from the stage of history. The new version of the virtual debit card has many functions.
One account can issue 50 different virtual debit cards, and the consumer payment generated through the virtual debit card will get additional rebates. Currently, the virtual credit card is only open to applications for than $100,000, and applications may be opened after all tests are completed. Physical card charges Payoneer physical card maintenance costs are relatively high, and it is usually required to receive at least $40 in the Payoneer account before applying. Card Activation Fee: $29.95 Annual fee: $29.95, (replacement fee if card is lost: $12.95) ATM withdrawals: $3.15 per transaction, and up to 3.5% of the currency exchange rate on the amount withdrawn.