Visa payments back to ‘full capacity’

It turns out Visa is experiencing a network failure, with the company now saying it's investigating the issue. Still, in some places, Visa cards are working fine.

Payments processed through Visa's systems account for £1 in £3 of all United Kingdom spending. The Foster City, California-based firm handled $7.3 trillion in transactions around the world in 2017, a 40% increase from the year before.

By late Friday, banks and card machine providers said Visa had corrected the outage and transactions were starting to go through, with some delays due to a backlog of transactions.

The company admitted it has not achieved its goal of having its system operating all of the time and stated the fault as "the result of hardware failure".

In a statement, the company has said: "Visa is now experiencing a service disruption".

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Across the United Kingdom and Europe, lines began to form at gas stations as frustrated drivers were unable to pay for their gas after filling up. "We will keep you updated". "We fell well short of this goal today and we apologise to all of our partners and Visa account holders for any inconvenience this may have caused", said Al Kelly, chief executive of Visa. A chain of British supermarkets Tesco said that the problem only occurs when using contactless payments and did not affect the payment using the PIN.

"We have resolved a technical issue that impacted some consumers across Europe".

Another Twitter user wrote: "We've just been shopping and my Visa card didn't work".

It is understood the Bank of England is aware of the issue and is in touch with Visa.

An estimated £1 of every £3 spent in the United Kingdom is on a Visa card.

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