Following Visa’s system failure on Friday 1 June, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, has written to Charlotte Hogg, Chief Executive Officer (Europe) of Visa, to find out what went wrong, how Visa will ensure that a similar failure doesn’t happen again, and whether customers or merchants will be entitled to compensation from Visa.
Commenting on the correspondence, Mrs Morgan said:
"A third of all spending in the UK is processed by Visa. It’s deeply worrying, therefore, that such a vital part of the country’s payment infrastructure can fail so catastrophically.
The consequences were sudden and severe. Many consumers and businesses were left stranded on Friday, unable to make or accept payments, with chaos reported in shops
The Committee has asked Ms Hogg to answer its questions on the disruption. If it is not satisfied with the response, the Committee may consider asking Ms Hogg to provide oral evidence."