Credit card networks speak of hopes for a cashless society, but a failure of Visa Inc. in Europe on Friday showed that the vision was not yet ready for primetime.
V, + 0.10%
suffered a disruption on Friday across Europe as traders and consumers about the inability to use or accept Visa cards tweeted either cash or cards from Mastercard Inc.
MA, + 2.76%
or American Express Co.
"Visa is currently experiencing a service outage," the company told MarketWatch. "This incident prevents some visa transactions from being processed in Europe and we are investigating the cause and working as soon as possible to resolve the situation."
A Visa spokesman declined to provide more information about certain areas in To provide Europe that was and was affected by the failure.
Visa and Visa Europe remained separate entities when Visa went public in 2008, but Visa acquired its European counterpart in 2016. The integration of Visa Europe is part of the Visa Visa visa, as some analysts see the opportunity for see the future The company restructures the agreements and makes technological improvements in Europe.
Visa's shares rose 1.4% the day before, but today trade at 0.1% on Friday afternoon, while MasterCard shares rose 2.6%. Visas shares have gained more than 14% since the beginning of the year, compared to a 2% increase in the S & P 500
SPX, + 1.08%