PayWithMoon stops selling their visa cards

[OmegaStarScream]

Haven't seen this anywhere else, so I thought I'd share.

Apparently[1] PayWithMoon will stop selling their cards on the 15th of February (3 days from now). Those who already have the card should be able to use them until March.

[1] https://twitter.com/paywithmoon/status/1624548556152487937

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[BitMaxz]

Oh, it's bad news they recently tweet that "we are working to bring a new and improved Moon Visa Prepaid Card to the market as soon as possible."
but on the same date and time, they decided to stop selling their cards it's weird.
Their reason is the FTX accident and the other Crypto incident I guess that is the reason from their bank card issuer.

Anyway, those who bought cards recently they will get refunds just wait for their email for ongoing support.

[noorman0]

They look to be continuing their service in the coming weeks, possibly with a new prepaid vard issuing partner. And the good news for loyal users, there are no additional conditions especially no KYC.
And they talk about service expansion as well.

[OmegaStarScream]

Oh, it's bad news they recently tweet that "we are working to bring a new and improved Moon Visa Prepaid Card to the market as soon as possible."
but on the same date and time, they decided to stop selling their cards it's weird.
Their reason is the FTX accident and the other Crypto incident I guess that is the reason from their bank card issuer.

Yeah, it seems like the banking system is limiting its exposure to crypto with what has been happening lately. Even Binance had to stop providing their SWIFT USD transfers because of that.

[NotATether]

Oh, it's bad news they recently tweet that "we are working to bring a new and improved Moon Visa Prepaid Card to the market as soon as possible."
but on the same date and time, they decided to stop selling their cards it's weird.

What about the possibility that fails and they are forced to completely drop that venture as well? I am not very optimistic about the service coming back, to be honest.

Didn't LocalBitcoins put something similar on their website (that they were improving it and making a new design) while simultaneously posting a shutdown notice on another URL?

[OmegaStarScream]

What about the possibility that fails and they are forced to completely drop that venture as well? I am not very optimistic about the service coming back, to be honest.

Didn't LocalBitcoins put something similar on their website (that they were improving it and making a new design) while simultaneously posting a shutdown notice on another URL?

I don't think we can really compare the two. From my understanding, Moon is not selling their debit cards anymore, because their new partner is no longer interested in the partnership, and not because the business is not profitable. So if they made an announcement, it probably means that they already found another bank to deal with.

[yhiaali3]

Personally, I see that these things that are happening cannot be separated from what is currently going on, I mean the pressure of the United States government on the stable currency Binance and the attempt to cut off any form of financing for crypto or other financial services related to it.
So I see that stopping these services LocalBitcoins , PayWithMoon and before that BinancePay has to do with these events that are happening now.

So I expect more crypto payment service companies to stop working in the near future.

[DaveF]

So from the tweets you have this:

due to the scheduled termination of our contract with the card’s Issuing Bank.

And then this:

In the aftermath of FTX, Luna/Terra, Voyager, and other high profile crypto-related incidents, many financial institutions are reducing their potential exposure to digital currencies and related products.

Scheduled termination really sounds like this was planned. Could just b poor wording or were they going to replace them and did not or could not get someone to take over.

That is part of the problems with tweets. Sometimes you really need a 2 or 3 page press release to discuss what is going on. NOT just the highlights in a couple of paragraphs.

-Dave