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Q: What is Wirecard and how does the latest development affect me as a customer when I buy something online or in store?
A: Wirecard is a German digital payments company. Acts as a payment processor.
When someone pays for goods with their credit card at a merchant, the merchant transmits the transaction to the acquirer, a role that Wirecard plays.
It then sends the transaction authorization request to the card system with Visa or Mastercard, for example, which then sends it to the card issuer, which is the customer’s bank.
The latest development doesn’t affect individual consumers much unless they have Wirecard prepaid cards.
People may also not be able to pay with credit or debit cards at some merchants if the merchant only has Wirecard payment processing.
Q: What are the alternative payment methods and systems available in Singapore?
A: Other forms of electronic payment such as Nets, PayNow and SGQR are still available to merchants in Singapore.
This means that customers can, for example, pay electronically with their Nets cards, use their mobile phones for PayNow, or scan the SGQR.
SGQR is a single payment QR code that combines payload details from different electronic payment schemes accepted by a merchant or business. The SGQR scheme is co-owned by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority.
Q: If I am a merchant still using Wirecard systems, what should I do?
A: Traders who have not yet made alternate arrangements are encouraged to do so promptly, MAS said.
Banks such as DBS, OCBC, and United Overseas Bank provide business acquisition services.
Nets also provides those services.
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