Central Banking

Visa outage highlights fragility of electronic payments


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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