I struggled with Cosmo so signed up with Paxum. I was verified within a few hours and have gotten a few payments through them. They seem to be on the slower side, but it gets the job done
URGENT Paxum SEPA Card Update
hello.Just got email from paxum about it.
URGENT Paxum SEPA Card Update
Please be advised that the Paxum SEPA Mastercard backed by Wirecard Card Solutions Limited has been temporarily suspended, effective immediately. All existing Paxum SEPA card funds remain safe and secure, however, already loaded card funds cannot be accessed at this time. We sincerely apologize for the lack of notice.
Earlier today the Financial Conduct Authority (FCA) issued a declaration for the immediate suspension of Wirecard Card Solutions Limited regulated activity. Unfortunately, this means that the funds on your Paxum SEPA card have been frozen and are temporarily unavailable for you to access and withdraw. You can read more about this here - https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation
While Paxum has no way to release the already loaded card funds, we continue to offer alternative withdrawal methods to all clients for future funds/earnings. From WIRE withdrawal to External Card Withdrawal and ACH/EFT in some regions, there is a variety of options plus the Paxum Unionpay card remains available.
It is important to note that this action by the FCA only affects the Paxum SEPA Mastercard. The Paxum Unionpay card has a completely different card issuer and is fully available to use.
Here's a quick breakdown of some questions we anticipate you will be asking.
What caused this?
The Financial Conduct Authority (FCA) suspended operation of Wirecard Card Solutions; our card-issuing partner for the Paxum SEPA Mastercard.
Is Paxum in trouble?
No, Paxum has not done anything wrong and is only affected because Paxum SEPA Mastercards are provided and issued by Wirecard Card Solutions Limited. Paxums' business remains fully intact and completely operational.
Does this affect the Paxum Unionpay Card as well?
No, the Paxum Unionpay card is not affected by this situation, it remains fully operational and can be used as normal worldwide.
What does this mean for my money?
Any new funds sent to your Paxum account can be accessed through the various options described earlier in this email; Wire, External card withdrawal, EFT, Paxum Unionpay, etc. All funds already loaded to the Paxum SEPA Mastercard remain safe and secure, unfortunately they cannot be accessed at this time.
When will my money be released?
The FCA suspension occurred earlier today (Friday, June 26th 2020) and we have no further information at this time. You will eventually be able to access your Paxum SEPA Mastercard funds, but the FCA must first release the funds, which can take time.
As soon as we are informed of any further actions we will immediately update you.
The Paxum Team.
Everyone with SEPA card has this problem. Cosmo should be fine, i havent use it in ages, sent them an email see if there's any fee to pay for not using it that long( @CosmoPayment maybe they also see this). You can also still use paxum and send funds to an external card( i used Revolut card and it works perfectly and almost instant), also its the Union pay card from paxum. Good thing this time there are multiple options to use.
I have the standard one. from what i've heard from other users as long as transactions are under 1000 pounds one should be all fine. above that they block card until u make proof of funds. i only used it for smaller amounts for now, under 100$. just simulated a transaction between paxum and revolut compared to withdraw from ATM with SEPA card, and due to better exchange rate from revolut it was like 5$ extra.what kind of card did you choose on Revolut ? and its standard or premium account ? Thanks
Its 6%+2.95%, but exchange rate is way better than ATM's. ATM few days ago was 4.13, revolut today was 4.3.I didnt get the email about this, I found out when my card suddenly started getting refused. I was looking the external card transfer, it's like a $35 fee, is the fee lower to a revolut card?
You can use cosmo for online purchases, but you must activate the option in your account every time. On the first page of your cosmo profile, right under the box with all your card info is a little box that you have to tick and that will allow you to make online purchases for 36 hours.Hey do you still use cosmo? Can i buy things on amazon? I tried but some of them got payment revisions and they already charged me in my account
I'm trying to withdraw 1600$ and got reject for 30 times, could it be that the amount is too high? even when the suport said its already been fixed , the funds still got rejectedI have the standard one. from what i've heard from other users as long as transactions are under 1000 pounds one should be all fine. above that they block card until u make proof of funds. i only used it for smaller amounts for now, under 100$. just simulated a transaction between paxum and revolut compared to withdraw from ATM with SEPA card, and due to better exchange rate from revolut it was like 5$ extra.
I dont have, normally I use external mastercard from my local bank and it works fine except this time, is there any paxum agent in here, I really need the money
Of course I'm worried. I don't trust these e-wallets at all but Paxum is my only option atm.Nothing to worry i saw that again usually it happens in the day of payments probably a cause of too much people trying to log in