Mastercard and Visa are reconsidering whether to allow Wirecard to continue processing payments on their networks, following the fintech company’s massive accounting scandal, according to a report from Bloomberg Thursday.
Mastercard (MA) and Visa (V) have informed some Wirecard clients that the firm’s access to their payment networks could be revoked, Bloomberg reported, citing people familiar with the matter.
Neither credit card company commented directly on the report, but both said they are following the situation closely. The loss of two of the biggest payment networks in the world would be yet another blow to Wirecard, which earns revenue by helping businesses process payments from customers.
“We continue to closely monitor developments and assess new information as it becomes available,” a Visa spokesperson said in an emailed statement. “Our priority is, and will always be, maintaining the integrity of the Visa payments system and protecting the interests of consumers, merchants and our clients.”
Likewise, Mastercard said in a statement that it is tracking the Wirecard news. “Our priority is ensuring people are able to continue to use their cards. We will continue to work with all parties and stand ready to take any necessary action,” Mastercard said.
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