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BitPay reverts, “Money is Safe” after Visa Card Discontinuation

Jan 07, 2018 Posted /  1883 Views

BitPay reverts, “Money is Safe” after Visa Card Discontinuation

When Visa cards suspended the status of WaveCrest debit card provider there were several companies, which got affected as a result.  Bit Pay was one of the companies affected by Visa postponing the status this Friday, and has released an announcement about the event on Saturday. In the announcement, the company restored confidence its customers that the finances they had stored on their BitPay cards at the time of closing are secure, and will be ultimately returned to them.

This comes after parallel information started floating issued by Bitwala and Wirex, whose work was also affected as a result.

The unexpected events

In an unforeseen twist of actions, Visa obliged WaveCrest, a Europe-based debit card issuer to instantaneously close down all its Visa cards. As a consequence, a number of cryptocurrency card providers that depend on WaveCrest for transaction processing have been forced to suspend their services as well, including BitPay, Bitwala, TenX and Wirex.

In a statement regarding its decision, Visa remarked lately completed a single prepaid card issuer in Europe from our network for violating Visa's operating regulations. That issuer, WaveCrest, will now be necessitated to close down its Visa card products, as some of which were linked to cryptocurrency wallets.

Refunds are being awaited

Bitwala and Wirex have already issued their statements on Visa’s decision this Friday. Both companies reiterated the fact that neither Visa nor WaveCrest have given them enough warning to prepare for the hasty discontinuation of service. Moreover, they claim that the users’ money is safe, and will be refunded in due time.

Now, BitPay has joined in with an update on their own. In the statement, the card provider announces that all its non-US cards have been deactivated and will not be available for further payments or withdrawals.

Fortunately for cardholders, BitPay claimed that they get a refund for ending card balance and for any outstanding card loads. Additionally, everyone who ordered their card after Dec. 1, 2017, will have the card order fee refunded to them as well.

Going forward, BitPay, similarly to Bitwala and Wirex, claims that it is already in discussions with potential alternative card issuers that will allow the company to resume its cryptocurrency debit card services in near future.

It is noteworthy that Visa’s most latest decision to stop the status of WaveCrest is apparently unrelated to the latter’s dealings with cryptocurrency services providers.

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Tags: Visa Card Discontinuation Bitpay cryptocurrency services

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