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I keep hearing this “not salvageable” but this seems odd to me. Wirecard has been issuing physical cards for many companies and runs the payment systems for man
by the_mitsuhiko 6y ago
I keep hearing this “not salvageable” but this seems odd to me. Wirecard has been issuing physical cards for many companies and runs the payment systems for many large companies. The cost of switching off that infrastructure is high.
Why wouldn’t someone want to acquire a miniature wirecard after the bankruptcy is through?
- Tenoke 6y agoBecause the cost of pretending to be a way more profitable company is that you end up with a lot more expenses and debt than you would otherwise.
- WJW 6y agoThe cost of switching off that infrastructure may be high, but it's not borne by the creditors. In any case, the article states that Visa and Mastercard will likely revoke the Wirecard license on their respective platforms and most if not all customers will seek an alternative payment provider long before the bankruptcy is through. Presumably most of the employees will have sought greener pastures by then as well. What is left is a company shell with (maybe) some source code but no customers, no license, no employees and the name of Wirecard haunting it. Possibly also some leftover liabilities. Might as well start a brand new company at that point, if you want to enter the payment processing industry.