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Wirecard shutdown leaves some complacent merchants stranded

Wishful thinking, aversion to change, difficult IT systems also cited for firms like M1, Safra, Starbucks scrambling to find alternatives

Published Wed, Oct 7, 2020 · 09:50 PM

Wirecard

Singapore

COMPLACENCY, resistance to change and wishful thinking were what led to some large businesses being left high and dry by Wirecard's cessation of its payments-processing services in Singapore last week, industry watchers say.

These merchants, including M1, Safra and Starbucks, are now scrambling to find alternative service providers, although warning bells had started sounding in June, when Wirecard collapsed into insolvency.