News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Visa Outage Hits Europe, Online Transactions Fared Better than Chip

Visa Outage Hits Europe, Online Transactions Fared Better than Chip

Just as the work week was winding down in Europe on Friday, many Visa cardholders across the continent were unable to use their cards. At the height of the outage, reports indicated that online and contactless transactions were going through at a higher rate than chip transactions, though they were still affected. The company confirmed the outage on Friday and pointed to a hardware failure, rather than unauthorized access or a cyberattack, as the source of the problem. By 4:30 a.m. on Saturday in the U.K., Visa said its payment system was up and operating at full capacity.

“Our goal is to ensure all Visa payments work reliably 24 hours a day, 365 days a year,” Visa’s CEO Al Kelly said in a statement. “We fell well short of this goal today and we apologize to all of our partners and Visa account holders for any inconvenience this may have caused.”

The company said that, while the system is working normally now, there may be pending transactions that originated during the outage.

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