Visa, Mastercard Weigh Cutting Wirecard Ties After Scandal
- Wirecard on Thursday said it started insolvency proceedings
- Credit card firms started reaching out to Wirecard clients
Photographer: Karol Serewis/SOPA Images/LightRocket via Getty Images
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Visa Inc. and Mastercard Inc. are considering revoking Wirecard AG’s ability to process payments on their networks in a move that would cause further pain for the firm after it started insolvency proceedings.
The world’s largest payment networks have begun reaching out to some Wirecard clients to prepare them for the possibility, according to people familiar with the matter, who asked not to be named because the information isn’t public.