Following Visa’s system failure on Friday 1 June, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, wrote to Charlotte Hogg, Chief Executive Office (Europe) of Visa, to find out what went wrong, how Visa would ensure that a similar failure doesn’t happen again, and whether customers or merchants would be entitled to compensation from Visa.
Today, the Committee has published Ms Hogg’s response.
Commenting on the correspondence, Mrs Morgan said:
"The Treasury Committee is satisfied with Visa’s answers regarding its system failure earlier this month, which lasted just over 10 hours and saw 2.4 million transactions in the UK fail to process. It appears that the problems have been fully resolved.
The news that debit card payments have overtaken cash use for the first time shows that the reliability of IT systems is becoming ever-more important. The detriment caused to consumers by IT failures is greater than ever, so the Committee will become less tolerant of them.
The Committee expects to see the findings of the independent review, which will examine the lessons to be learned from the incident, in full."