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.
Dear boon.ies, with a heavy heart we have to inform you that we will discontinue the service of boon. as of 03.10.2020.
You will receive all information via e-mail or find them here: https://t.co/KIaTdkgMqG.
We wish you all the best for the future! Your https://t.co/2M5TOnrNYw pic.twitter.com/s9P1WG9DOn
— boon (@boon_official) August 3, 2020
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.