How does Wirecard downfall affects Paylar?
Post By Paylar

The short answer is: it does not. Paylar and its payment solutions aren’t and never were associated with any of Wirecard services.

The case of Wirecard, however, will make a profound impact on Electronic Money Institutions (EMIs) and Payment Institutions (PIs) ecosystem. It also provides some valuable lessons to be learned. 

Paylar chooses its business partners carefully applying rigorous screening and strict reputation requirements. We chose regulation of the Bank of Lithuania who prioritizes interests and security of EMIs’ clients above all. That somewhat restricts our field of business but makes Paylar way less risky for its clients preserving all their funds. In Wirecard’s case, its German regulator time and again prioritized interests of investors of the publicly traded company over those of its customers.

We also differ in our goals and methods. Paylar was established to provide businesses and individuals an access to the European Economic Area while ensuring swift and affordable international money transfers. We develop upon building lasting trust and satisfaction of our customers rather than betting on profiting from exponential growth of investment.

Downfall of Wirecard proves that even innovative developments in financial services can still fall victim to human greed and mismanagement. Yet we strongly believe that such instances will prove to be just a few bad apples in a basket of otherwise great Fintech solutions among which Paylar seeks to become a worthy example of good practice.

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