Visa’s payment system crashed yesterday, preventing credit card usage and payment processing across the entire EU, Ireland, and even in the US. Despite the issue being reportedly resolved, the incident serves to highlight the need for decentralized, stable alternatives where possibilities of the kind are simply non-existent.
In an official statement on Twitter, Visa announced that their payment processing service is experiencing a “service disruption”:
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.
— VisaNewsEurope (@VisaNewsEurope) June 1, 2018
Reportedly, Visa users were experiencing serious issues with their card payments. They were receiving messages stating that there was a “disruption of service,” preventing providers receiving or sending money.
Major Red Flag
Credit card payments weren’t the only service impacted by the Visa outage. The issue also prevented many European customers from transacting with cash deposited in their bank accounts. The Irish Times reported that Irish tourists as far away as the US were unable to access their money.
Personal hassles aside, the outage could have triggered major issues for banking institutions as well. Reports began emerging of people lining up in front of ATMs to withdraw as much cash as possible for fear of a prolonged outage.
Banks like HSBC started tweeting about the problem almost immediately:
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