Right now the  first round of dividends is not yet paid and there is no announcement yet when it will be the first time, so yes you still can receive it.
Remembering the FAQ of TenX correctly it is important for the dividends to have your PAY in an erc 20 enabled wallet, e.g. a wallet that is allowed to perform contracts. I assume that there will be an ethereum based contract that will pay out the dividend to PAY token holders. So you can pick whatever wallet you like as long as this is ensured.

For exchange wallets this would mean that the exchange uses kind of real addresses and does not one or few addresses with multiple input addresses where deposits are only distinguished by the used incoming address and your balance is only stored in some database. I do not think that there is an exchange out there with this feature, so better monitor the TenX announcements and when it is time move your PAY of the exchange beforehand.

@ All other:
thanks for your comments - I thought is would be nice having some user experiences from non-tenx team members.
I also think it would be great if everyone that received his / her card would post here when it was ordered and when it was received, so we get an idea on how far they are with processing the long queue.