Visa was reported with several outages across Britain and Europe causing the world to realize the importance of decentralized payments.
When comparing the efficiency of card facilities like Visa and a decentralized network like Bitcoin (BTC), it is seen that BTC was functional 99.99% of the time since inception on January 3, 2009.
Visa handles almost 150 million transactions a day, and so when disruptions are faced across a continent like Europe, a lot of issues are encountered.
Visa UK tweeted about the incident-
We are currently experiencing a service disruption which is preventing some Visa transactions in Europe from being processed. We are investigating the cause and working as quickly as possible to resolve the situation. We will keep you updated.
— Visa UK (@VisaUK) June 1, 2018
Banks across the UK and Europe used Twitter to notify its customers.
Bank of Ireland tweeted
We are aware some customers are experiencing Visa debit card issues. This is impacting multiple banks across Europe. We will update when we know more. Cash withdrawals can be made at any BOI ATM.
— Bank of Ireland (@talktoBOI) June 1, 2018
HSBC UK tweeted–
We are aware of an industry wide issue affecting Visa payments which is under investigation. ATM and MasterCard transactions are not impacted. Visa are working hard to resolve the issue as quickly as possible. We will continue to support our impacted customers as needed.
— HSBC UK (@HSBC_UK) June 1, 2018
Many retail outlets like the supermarket chain Tesco and Sainsbury complained losing customers who pay mostly using cards like Visa.
Apparently, according to Paymentsense, the problem has been corrected by Visa stating a ‘backlog of transactions.’
We have been informed that VISA has corrected the outage and transactions are now starting to go through. There is still some intermittency however, we believe this is due to a backlog of transactions.
— Paymentsense (@Paymentsense) June 1, 2018
Cryptocurrency fans celebrated the Visa crash, as it proved to the world about the benefits of alternative payment systems like cryptocurrencies and not always relying on cards like Visa.
Image Source: “Flickr”
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Source: Toshi Times
Original Post: Visa Card Payments Failing in UK and Europe – The Need For Decentralization