Why Payoneer is essential in Bangladesh and how the Wirecard scandal puts that at risk

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2020-06-27 17:25:57

After spending a lazy weekend yesterday, I booted up my computer in the evening and found out the shocking news that Payoneer prepaid cards have been frozen worldwide. This meant hundreds of thousands of IT professionals and freelancers in Bangladesh suddenly lost access to their money. But in an even more significant blow, they are suddenly unable to pay for hosting, software license, and other online subscriptions that are crucial for personal and business needs.

The news worries me because I’m one of the people whose lives have been made better by Payoneer’s services. Not only do I stand to lose thousands, but my hands will be tied if Payoneer services were to be stopped.

If you haven’t heard of Payoneer before, you may want to know a bit about it. So let’s start there. You can skip to “Why Bangladeshi credit cards are crippled” or to “What’s happening with Payoneer accounts” if you already know about Payoneer.

Payoneer is a global payment solutions provider that allows individuals to send and receive money. Popularized by freelance marketplaces like Fiverr and Upwork, Payoneer provides an easy way to receive funds from various online marketplaces. It also allows you to accept payments from clients worldwide.

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