Central Banking

Visa outage highlights fragility of electronic payments

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European consumers were reminded of the importance of cash on June 1, when major payments technology provider Visa experienced an outage for several hours.  

“Visa had a system failure that impacted customers across Europe,” the payments company announced in a statement at 10pm BST.

Visa Europe, a subsidiary of Visa, provides payments technology to “more than 200 countries and territories”. The firm claims its infrastructure can process more than 65,000 transaction messages a second.

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