Visa had said that their card payments are experiencing disruptions across Britain and Europe causing the world to realize the importance of decentralized payments.
Visa, which handles over 150 million transactions a day, tweeted about the service disruption, noting that they will keep updating as they resolve the situation:
We are currently experiencing a service disruption which is preventing some Visa transactions in Europe from being processed. We are investigating the cause and working as quickly as possible to resolve the situation. We will keep you updated.
— Visa UK (@VisaUK) June 1, 2018
Visa represents the world’s largest payment platform and is widely used across Europe. However, the service has come short since 3:00 pm London Time, leaving users stranded and unable to pay for grocery shopping, train tickets and just about anything.
The reason for the massive downtime is yet to be made public with shopping mall especially in Britain opting for cash only checkouts until the issue is resolved.
“We are investigating the cause and working as quickly as possible to resolve the situation. We will keep you updated,” Visa said in 5;00 pm update.
2 hours later Visa tweeted that they are resolved the issue and customers can use Visa cards.
We have resolved a technical issue that impacted some consumers across Europe. Visa account holders can now use Visa for any of their purchases and at ATMs. We apologise to all our partners & especially to Visa cardholders who were affected. https://t.co/UNLaJHixV7
— Visa UK (@VisaUK) June 2, 2018
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.
Understandably, the long downtime had raised questions about the continued reliance on centralized payment systems instead of a decentralized blockchain.
Popular blockchains manning Bitcoin and Ethereum, two of the most frequently used cryptocurrencies boast a 100% downtime and have transactions rounded up in just 14 seconds as with Ethereum.
Being decentralized also means there cannot be a single point of attack on the network, a feature Visa would no doubt wish to have at this moment.
With the rest of the world watching, it is becoming evident that maybe now is the time to start ditching central payment systems for the ever secure and always operational blockchain powered payment options.