Bingo News: Sep 10, 2010
Last time we reported on the fact that VISA had effectively cut off E-wallet provider Epassporte, leaving thousands of users unable to get to their funds that are loaded onto their VISA Electron debit cards.
A statement was sent to all Epassporte users, informing them of the situation
The official message sent by Epassporte was as follows:
“Dear ePassporte Account Holders,
Please be advised that, at 12:00 PM PDT today, September 2, 2010, we were notified that effective immediately, Visa International has suspended our banking partner’s (St. Kitts Nevis Anguilla National Bank) ePassporte Visa program. The ePassporte e-Wallet program continues to be up and running, except funds cannot be transferred between your Visa Account and your e-Wallet. At this time ePassporte can no longer issue Visa Cards, and the ability for our Account Holders to make point of sale purchases and withdraw funds from ATMs has also been suspended.
At this time we do not know why this drastic action was taken by Visa. To us, it is unconscionable that such action would be taken without the opportunity for ePassporte to fully understand Visa’s reasons and to be able to take all steps necessary to keep our program running the way it has so successfully done for over 7 years. But that is what Visa has done.
As soon as we have more information we will be in contact with you.
In the meantime please be assured that your funds are safe.”
Following up on this it seems that efforts of the E-wallet provider have been unsuccessful in remedying the situation.
After suspending the Epassporte VISA functionality, Visa has issued an official statement on September 7th regarding the situation. The official statement was as follows:
“At the request of St. Kitts-Nevis-Anguilla National Bank (SKNA), on September 2, 2010, Visa blocked network access for prepaid cards issued by SKNA and operated by ePassporte.com to address certain program deficiencies. ePassporte.com is a third-party agent that works with SKNA.
“It is important to note that impacted SKNA prepaid cardholders are still able to access their funds through SKNA or SKNA’s agent, ePassporte.com. For more information cardholders should contact SKNA or ePassporte.com.
“Visa is committed to maintaining the integrity of its global payment network and routinely conducts due diligence to ensure Visa prepaid programs adhere to the company’s stringent program requirements and controls.”
The latest development in this ongoing situation is a new statement issued by Epassporte, basically stating that they are working on the situation and have made no progress.
The latest official statement of Epassporte goes:
“We at ePassporte are as distressed as you, our valued cardholders, over an action that we did not see coming and as of today we still have received no good basis for it.
First, be assured that your funds are fully safe and protected. You are owed that and it will be fulfilled. The funds are secure.
Second, ePassporte is working with the St. Kitts bank to work out how all payments will be made and when. The details are complicated, because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owner. This issue stems from our processing and reporting ability through the Visa system and their processor.
Third, ePassporte’s most important asset has always been our account holder’s. We are not going to undermine that asset by treating cardholders in any manner other than the best we can.
Most of us have had the unfortunate experience of dealing with banks and card associations that simply “cut us off” and did not pay us. Those actions were limited to card acquiring (merchant accounts), not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.
We all fully understand that communication to our cardholders is critical. However, it does not help any of us if we are constantly updating you on the basis of the calls that take place almost hourly. It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly. Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as “hiding”, “avoiding” or “stringing you along”. We too have funds that are stuck in the system, as well as massive costs of operation without any income.
Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe.
For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.
Thanks you for your understanding in this difficult time and for your support over the last 8 years of our operations.
Chris Mallick
For ePassporte”
Experience in the past with other E-wallet providers learn that this is not good news at all, and at the very least Epassporte might lose their debit card functionality and with it lose all their advantages over the competition, like Ukash and Neteller who are becoming increasingly more popular on sites like Red Bus Bingo, Titan Bingo and Silk Bingo.
Already we are hearing reports of various affiliate programs switching over to competitor Payoneer for their transactions with their affiliates and while it is still too early to tell we hear voices on several webmaster forums that they already lost up to 50% of their clientele in that field. Every day that goes by without VISA functionality restored is another nail in the coffin of Epassporte. Will they prevail and survive? Time will tell, as this story continues and Cute Bingo will keep you posted on all the latest developments
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