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It isn't down. I work for a large e-commerce company and we're seeing ~10% decline rates, at most, on VISA cards only, and that's intermittent. Overall average decline rate is more like 1-3% when you factor in the intermittentness of it. Still not great, but not PAYMENT CHAOS and not a CRASH OF THE VISA NETWORK.
Earlier quoted context omitted.
I'm not sure about "luckily". Sure, today it might be a good thing, but 99.99% of the time it's just a massive inconvenience.
The european debit card systems are not comparable with how it works in the US. In the US I will use credit cards, because that is the better system down there. Over here in Europe, I'll hardly ever use a credit card. So yes, luckily.
It isn't down. I work for a large e-commerce company and we're seeing ~10% decline rates, at most, on VISA cards only, and that's intermittent. Overall average decline rate is more like 1-3% when you factor in the intermittentness of it. Still not great, but not PAYMENT CHAOS and not a CRASH OF THE VISA NETWORK.
Same here — I work for an online payments company. We’ve been seeing a dip of 2–7 points for the past few hours across our network.
It isn't down. I work for a large e-commerce company and we're seeing ~10% decline rates, at most, on VISA cards only, and that's intermittent. Overall average decline rate is more like 1-3% when you factor in the intermittentness of it. Still not great, but not PAYMENT CHAOS and not a CRASH OF THE VISA NETWORK.
It isn't down. I work for a large e-commerce company and we're seeing ~10% decline rates, at most, on VISA cards only, and that's intermittent. Overall average decline rate is more like 1-3% when you factor in the intermittentness of it. Still not great, but not PAYMENT CHAOS and not a CRASH OF THE VISA NETWORK.
Contactless went down completely
This is one of the reasons why every frequent traveller should carry credit cards from at least two different banks and two different credit card companies (like Mastercard and Visa).
It isn't down. I work for a large e-commerce company and we're seeing ~10% decline rates, at most, on VISA cards only, and that's intermittent. Overall average decline rate is more like 1-3% when you factor in the intermittentness of it. Still not great, but not PAYMENT CHAOS and not a CRASH OF THE VISA NETWORK.
When you say you're seeing 10% decline rates, is that out of your total transactional volume (which I suspect is the case), or just out of the subset of your customer who actually have bona fide Visa credit cards?
It isn't down. I work for a large e-commerce company and we're seeing ~10% decline rates, at most, on VISA cards only, and that's intermittent. Overall average decline rate is more like 1-3% when you factor in the intermittentness of it. Still not great, but not PAYMENT CHAOS and not a CRASH OF THE VISA NETWORK.
What was that whole thing about a "cashless society" again? What happens when a major rival actually attacks your cashless society?
Off course more important problems would probably arise before.
But reflecting on the sustainability of microchip-society in times of outage is healthy.
Crash, Bang and suddenly everyone is 3 meals away from slaying their neighbour.