Boon Payments Platform Closes as Wirecard Aftershocks Continue

Boon, a European payments platform and Apple Pay partner (among others), is shutting down, according to the company. Boon is part of Wirecard (WDI:DE), a Germany based Fintech that recently filed for bankruptcy following revelations of an accounting scandal and allegations of fraud. Boon is scheduled to end its services on October 3, 2o2o.

 

In a blog post, Boon asked customers to spend existing money in a “timely manner.” From 4th of October 2020, Boon 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,” said the company.

Boon is a payment app that operated on smartphones and smartwatches. The service also worked for online payments as well. Boon also incorporated a free bank account that could be opened in “minutes.”

Wirecard is in the midst of insolvency proceedings and there is a representative that is attempting to sell parts of the company. Apparently, boon did not hold sufficient value to entice a purchaser.

 

 

 

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