Customers’ frustration after gift card firm is shut down

GIFT cards are unable to be used at a number of shopping centres including The Square and Liffey Valley, after the payments firm that manages funds for the gift cards was shut down by regulators.

Thousands of customers fear they will lose out after Lithuania-based UAB PayrNet had their licence revoked for alleged breaches of money laundering laws.

A number of credit unions that used UAB PayrNet as the issuer of their debit cards have also had to make alternative arrangements.

The Square posted a public message on it’s social media this week which said “unfortunately due to a third-party banking issue which is outside of our control , we are unable to offer our gift card service at this time.

“Customers will be unable to purchase new cards or use existing cards at this time. We are working hard to resolve this issue.”

A notice issued to customers at Liffey Valley Shopping Centre said: “Due to circumstances beyond our control, we are currently unable to sell or accept gift cards at Liffey Valley Shopping Centre at the moment.”

It is understood this only relates to the Liffey Valley Gift Card which covers 80 stores and 20 restaurants in the centre and was available in dominations from €10 to €1,200.

Residents took to social media to vent their frustration, some claiming they only bought gift cards at the centres last week.

Cllr Alan Hayes (Ind) said the owners of Liffey Valley – Germany’s largest pension scheme group BVK and American based Property Developers Hines – should cover refunds to card owners and “if the system starts working again, they can get their money back”.

“Why let the public be the ones to take the hit when it wouldn’t be a blip to mega funds,” said Cllr Hayes.

Consumer Association spokesman Dermot Jewell said questions are being asked about money in the accounts with management fees of approximately €3 deducted each month after a year or so.

Mr Jewell said this is being looked at by Central Banks, “all across the EU –  not just Ireland”.