Payoneer, one of the leading Prepaid Mastercard service provider has notified its indian users, that all the prepaid mastercards will not function till the next notice arrives from indian bank authorities. This was one of the best alternative for paypal transactions and supported by so many Affiliate Marketing sites and Freelancing Providers. This is really going to be tough time for Payoneer users, who stopped using paypal and using this as an alternative to paypal.
Lets have a look at the email sent by Payoneer.
Due to instructions from the Indian local banking authorities, Payoneer Prepaid MasterCard cards have been blocked for local transactions made in India.Your Payoneer card continues to be functional anywhere other than India (including transactions made online on global websites), and all funds in your account are secure.Other payment companies have experienced similar restrictions in the past, and most have been temporary and have taken a few weeks to resolve the situation. Payoneer and MasterCard are working with local banking regulators to address the situation. Payoneer is also preparing alternative ways for you to continue to receive payouts, and expects you will be able to continue to receive your payments in the future. We apologize for the inconvenience and will keep you informed.We have opened a special mailbox for you to communicate with our Customer Support. Please feel free to contact us at IndiaSupport@payoneer.com.
However, there is an assurance from Payoneer, that the balance will remain safe and secure for account holders, till the block override.