Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Finance

Visa says over 5 million payments affected by June outage

The company has apologised “unreservedly” for the failure and outlined plans for a compensation scheme.

LONDON, United Kingdom, Jun 19 – Payment systems giant Visa said Tuesday that a massive technical glitch earlier this month had affected 5.2 million card transactions, almost half of which were in Britain.

Visa, revealing the details in a letter to a British parliamentary committee that is probing the matter, said the “rare” disruption prevented many cardholders form making payments in Europe for 10 hours on Friday, June 1.

And the company apologised “unreservedly” for the failure and outlined plans for a compensation scheme.

“Overall, for cards issued both in the UK and elsewhere … 51.2 million Visa transactions were initiated and sent to Visa’s European systems for processing,” wrote Visa Europe chief executive Charlotte Hogg.

“Of these, 5.2 million failed to process correctly,” she added in the letter to Treasury Select Committee chair Nicky Morgan.

The outage was caused by a “very rare partial failure” of a switch in one of Visa’s data centres, Hogg added. It has since been fixed.

Visa said there were 27.6 million transactions made in the UK during the disruption, of which 2.4 million failed to process properly.

“At its peak, the disruption affected people in the midst of returning home from work, socialising in restaurants and pubs, and doing end-of-day shopping,” Hogg said in the letter published Tuesday.

“We take seriously our important role in supporting financial stability in the UK.

“A disruption to our processing that impacts consumers at any time is unacceptable, let alone during a busy Friday afternoon,” she added.

Advertisement. Scroll to continue reading.

“We apologise again unreservedly to everyone who was affected by the incident,” Hogg said.

“Visa, together with our financial institution partners, has quickly implemented a compensation programme for cardholders.”

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...