Visa Experiences 'Service Disruption' in Parts of Europe

Visa down

GETTYVisa has been hit by service disruption across Europe

There was some bad news for Visa card holders as the company confirmed this evening that they are experiencing widespread disruption when it comes to processing transactions.

This caused issues for staff members who were working as quickly as possible to try and process each transaction, yet they could not have foreseen the problem.

"Where a card payment is declined we're asking customers for alternative forms of payment, ie cash, or another card".

Bank of Ireland said it was aware of the disruptions but that people can withdraw cash from ATMs.

"We are now experiencing a service disruption. We fell well short of this goal today", he admitted.

Businesses ranging from pubs to supermarkets took to Twitter to apologize to their customers for the disruption.

Ultimately, businesses across Europe and the United Kingdom were unable to make Visa transactions for around 6 hours on Friday.

The world's biggest payment card processor had both the regions in chaos.

HSBC U.K. says it understands services are recovering slowly.

Cornerstone Capital Inc. reduced its stake in Visa (NYSE:V) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC.

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". "We will keep you updated", Visa said in a 5:00 pm update. The cash out feature on Visa cards appears to still be working.

Banks and shops in the United Kingdom took to Twitter to alert customers about the disruption.

The failure prevented credit and debit card users from paying by card for purchases.

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