The credit card companies have been struck again with outages. Only weeks after credit card company Visa saw its customers suffer a similar dilemma, down goes Mastercard.
This time, it was the turn of the competitor, which, exactly as it happened following the Visa outage, received a deluge of customer complaints from those unable to complete payments.
The Financial Times reported that regulators were “already intensifying their scrutiny of apparent fragilities in the payments system”, but this was more than enough to get the crypto community in full voice.
A few wanted to remind Mastercard of just how dependable Bitcoin payments were.
Bitcoin has never had a service interruption.
— reivanen (@reivanen) July 13, 2018
Some expressed some dissatisfaction about sitting on their phone listening to Mozart for 20 mins. Others sensibly suggested customers should maybe take a look at Bitcoin for payment services instead of listening to Mastercard’s worn out record about “issues processing transactions”.
@Mastercard Why are you still not supporting Bitcoin? The most reliable payment network on earth.
— dmsch ⚡️ (@dmschdev) July 13, 2018
Of course, then out came the Bitcoin alternatives to have their say. Ripple first, who recently expressed a desire to establish a global financial network surpassing that of Bitcoin’s, so this would be irritating. But others made use of the chance to take a dig at Ripple.
https://twitter.com/nirvanadev/status/1017803373037457408
At this point, in Mastercard’s defense, it should be worth pointing out that the company has expressed confidence in the fact that blockchain technology is the future in regards to security and integrity within financial systems. This is evidenced by the array of blockchain-related patents that they have acquired in an effort show innovation regarding payments. Also, back in 2016, Mastercard released some preliminary APIs, Blockchain Core API, Smart Contracts API and Fast Pay Network API.
Add to this the fact that it is expanding its operations in Ireland with 175 new technology developers recruited for roles such as blockchain experts, software engineers and information security specialists and it appears that it is moving towards solving such glitches in a whole new way.
Of course, this was the question everyone needed to ask Mastercard, so then the beleaguered credit card company would have been able to say, we’re getting there.
With Mastercard being the latest major card network to experience a Europe-wide outage, could blockchain technology prevent these network failures from occurring #fintech https://t.co/4EpO3ziYsW
— Dr David Cox (@DrDavidACox) July 14, 2018
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