Digital banking service and European Apple Pay partner Boon announced on Monday that it would be shutting down starting on October 3, 2020. The Boon announcement comes on the heels of its parent company, Wirecard, filing for insolvency after a series of financial scandals.
Boon has been an Apple Pay partner since 2016, offering contactless payment options and virtual credit cards in a handful of European countries.
Boon advises that users should spend all of their cash before the Oct. 3 date. Although users can request a withdrawal past the shutdown, Boon will charge a monthly fee for holding existing credit. It has also disabled its automatic top-up feature.
„You will likely have until 3rd of October 2020 to clear your boon. Account, but even following this date, you are entitled to get your money back. From 4th of October 2020, we will charge a monthly fee of 2.50 €/GBP/CHF on existing credit until it is completely used up. Therefore, please use it up promptly”, the company said.
In the announcement, the company mentioned that this message only affects boon. (virtual prepaid Mastercard) and not the banking app boon.PLANET. „Should there be any changes to this, we will inform you in time.”
For more information you can have a look at the Boon FAQs.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
