Digital banking service and European Apple Pay partner Boon announced on Monday that it would be shutting down in October 2020.
Credit: Wirecard
Boon has been an Apple Pay partner since 2016, offering contactless payment options and virtual credit cards in a handful of European countries.
In a tweet, the banking company announced that they would be discontinuing service starting on Oct. 3, 2020.
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.
-- boon (@boon_official) August 3, 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
The Boon announcement comes on the heels of its parent company, Wirecard, filing for insolvency after a series of financial scandals, Reuters reported.
Boon advises that users should spend all of their cash before the Oct. 3 date. Although users can request a withdrawal past the shutdown, Boon will charge a monthly fee for holding existing credit. It has also disabled its automatic top-up feature.