The UK parliament has made an announcement demanding answers from Visa Card Company over the last week’s system failure.
Visa had faced glitches in their entire system, many consumers in the UK and Europe were unable to make a purchase using Visa cards because of the system failure occurred out of the blue.
The payment company had announced the system failure on their Twitter account with an unprecedented timeline, later after a day the company was able to find the issue and fixed in on June 2 apologizing its customers and stakeholders for the inconvenience it caused.
Nicky Morgan, the chair of the Treasury committee, has written a letter to Charlotte Hogg, Chief Executive Officer (CEO) for Europe Visa, asking her the details about the incident and what was wrong with the system, how visa will ensure the same glitch would not happen again, also the customers and merchants are entitled to any compensation.
The problem started on June 1 Friday which left hundreds of thousands of visa consumers in worries queueing up in many retail stores across the UK and EU. However, Visa announced on June 2 that the company has put the system back on track.
Alone, a third of all the transactions in the UK are processed by Visa, Ms. Morgan said it quite worrisome that one of the most popular payment infrastructures has and can fail catastrophically”.
Many consumers across the UK and Europe including businesses and merchants were affected due to this, chaos reported in the shops and superstores. The Bank of England (BoE) regulates Visa and has got the power to find it. The bank said that the cause of system failure could include cyber threats.
The letter asks Ms. Hogg to provide the details of the first problem when the company came across it and how quickly the company was able to respond to the problem also how many people were affected by that, Is there any backup procedure that can take up if the system is hacked, if the parliamentarian committee is not satisfied with the answers by June 15, Ms. Hogg then has to provide oral evidence.