Blockchain

Visa Card Payments Failing in UK and Europe – The Need For Decentralization

Visa Card Payments Failing in UK and Europe - The Need For Decentralization

Visa was reported with several outages across Britain and Europe causing the world to realize the importance of decentralized payments.

When comparing the efficiency of card facilities like Visa and a decentralized network like Bitcoin (BTC), it is seen that BTC was functional 99.99% of the time since inception on January 3, 2009.

Visa handles almost 150 million transactions a day, and so when disruptions are faced across a continent like Europe, a lot of issues are encountered.

Visa UK tweeted about the incident-

Banks across the UK and Europe used Twitter to notify its customers.

Bank of Ireland tweeted

HSBC UK tweeted

Many retail outlets like the supermarket chain Tesco and Sainsbury complained losing customers who pay mostly using cards like Visa.

Apparently, according to Paymentsense, the problem has been corrected by Visa stating a ‘backlog of transactions.’

Paymentsense tweeted

Cryptocurrency fans celebrated the Visa crash, as it proved to the world about the benefits of alternative payment systems like cryptocurrencies and not always relying on cards like Visa.

Image Source: “Flickr”

Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.

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