Yesterday, Visa skilled a widespread community failure in Europe, leaving many card holders not able to use their credit cards for purchases. Visa now says that it ’s resolved the problem.
The outage was in style, however no longer universal: customers may just still use their playing cards, however some prime banks, such as Royal Financial Institution of Scotland and the Financial Institution of ireland have been affected. Shoppers could withdraw money from ATMs, but some outlets resorted to the use of paper slips to take down customer information. Visa says that the issue was the “result of a hardware failure inside one in every of our European techniques,” and that it wasn ’t a cyberattack.
At The Same Time As the issue has been resolved, it does spotlight a weakness as nations are more and more moving in opposition to turning into cashless societies. Australia not too long ago announced that it’s enforcing limits on cash purchases subsequent year, even as London just lately presented a way to pay buskers without bodily forex. Technical issues akin to these — and even malicious assaults — can develop into extremely disruptive to a economic system, demonstrating that it ’s still useful to keep some cash around.