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Cryptocurrency Makes The Most of MasterCard Going Down

Samantha Mitchell

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mastercard

MasterCard Goes Down

Well this week has seen quite a turn up for the books with world famous credit card MasterCard going down for a short time. The partial outage was only for 120 minutes but this caused a huge amount of chaos worldwide in those countries affected. This financial services company is one of the largest in the world and has been around since the 1960s. It has managed to evolve over time reacting to changes in purchasing behaviour and customer requirements. This includes the latest technology and digital economy phase which we are currently entering.

mastercard outageMasterCard’s outage was a complete surprise to one and all. It caused a whole lot of trouble for customers and the company alike. Transactions were slowed down drastically or even stopped and the customer complaints came in thick and fast. Over 50% of the problems were when customers were trying to make a payment, with the remaining 28% being affected when making withdrawals from ATMs and 14% halted when making website transactions. The credit card declined payments for a brief period whilst the system was being updated. This was a regular update which should not have caused this amount of widespread upset.

Who Was Affected?

The issues happened on Thursday evening in both the UK and a restricted few areas of the United States. There were also problems in Canada and Europe too. So a far reaching effect felt by a lot of customers.

MasterCard And Blockchain

MasterCard did handle the situation well and kept customers in the loop on social media. However, this outage has caused a plethora of questions including why the credit card is not making use of the latest Blockchain technology to support it. With Blockchain behind it, Cryptocurrency experts are suggesting that the breakdown would have never happened in the first place. This remains to be seen and there is also the concern of whether Blockchain would even be compatible with MasterCard at the moment.

MasterCard has certainly upped its research into how the technology can assist with their credit cards recently and are now avidly in the midst of researching and testing how Blockchain can help. There is a team of dedicated employees working on the technology and more staff are being sourced as we speak. The financial institution is already working on new patents including the latest it has just secured which sees transactions using Cryptocurrencies being sped up. There are plenty more in the pipeline.

Although the issue was resolved pretty quickly and normal service resumed within 2 hours, customers were still very frustrated with the whole situation. However, in the scheme of things lets face it, how often does something like this happen? Yes it was annoying and should not have happened, but once in a blue moon is not the end of the world. Whether or not Blockchain would have stopped the outage happening will never be known but as we transition into a more digital economy it is very clear that the finance industry – as a whole – really does need to keep on top of its game.

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