StockMarketNews.Today – It was not clear what caused the outage at MasterCard, which caused a surge in complaints to banks and other card issuers by frustrated customers unable to complete their payments. The credit card operator said on Thursday evening that the problem had been resolved.
“We are aware that some issues were experienced and have been working hard to resolve it,” MasterCard said in an emailed statement. “The situation has been fully resolved and all transactions are now working as normal. We are sorry for any inconvenience caused.”
Regulators are already intensifying their scrutiny of apparent fragilities in the payments system after Visa suffered a serious outage in its European credit card network recently that left thousands of customers unable to complete transactions.
The problems at MasterCard followed a broken switch at Visa that led to the failure of more than 5m attempted debit and credit card purchases during an outage across its European network.
The Visa failure affected 2.4m transactions in the UK over a 10-hour period, forcing many stores to stop accepting card payments and prompting consumers in some areas to empty local ATMs.
On Thursday MasterCard customers reported problems across much of Europe and America, but the US credit card company refused to provide an explanation for what caused it.
Mastercard Inc Company Profile:
MasterCard Incorporated is a technology company that connects consumers, financial institutions, merchants, governments and businesses across the world, enabling them to use electronic forms of payment. The Company operates through Payment Solutions segment.
The Company allows user to make payments by creating a range of payment solutions and services using its brands, which include MasterCard, Maestro and Cirrus. The Company provides a range of products and solutions that support payment products, which customers can offer to their cardholders.
The Company’s services facilitate transactions on its network among cardholders, merchants, financial institutions and governments.
The Company’s products include consumer credit and charge, commercial, debit, prepaid, commercial and digital. The Company’s consumer credit and charge offers a range of programs that enables issuers to provide consumers with cards allowing users to defer payment.
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