Visa’s has reported its payment system is operating at ‘full capacity’ after a “technical issue” on the 1st of June prevented possibly millions of consumers from making transactions.
The payment machine failure affected retailers and customers across the UK and Europe for 24 hours starting from around 2.30pm on Friday.
On Friday evening Visa said it had fallen “well short” of its goal to ensure cards worked reliably at all times, and apologised to its partners and cardholders as it aimed to fix the glitch.
It is believed there is no reason to believe it was associated with any unauthorised access or malicious event, the statement said.
Such issues once again demonstrate the importance of cash in the industry. The ‘World Cash Report’ revealed that despite the increase in electronic payment options, the demand for cash continues to rise. On the findings, Jesus Rosano, chief executive of G4S’ global cash division said “People trust cash; it’s free to use and readily available for consumers, it’s confidential, it can’t be hacked and it doesn’t run out of battery power…” – now we can also add that there is also no reliance on technology!