Visa and Worldpay issue joint statement taking responsibility for accidentally charging Coinbase customers multiple times, report transactions have been reversed
Visa and payment processing company Worldpay issued a joint statement on the Coinbase blog today, Feb. 17, taking responsibility for charging Coinbase customers multiple times for the same transaction.
Before admitting fault in the statement published by Coinbase today, Visa had at first shifted the blame back to Coinbase, telling the Financial Times on Feb. 16 that it had “not made any systems changes that would result in the duplicate transactions cardholders are reporting.”
However, the latest statement from Visa and Worldpay on the Coinbase blog clarifies:
“Over the last two days, some customers who used a credit or debit card at Coinbase may have seen duplicate transactions posted to their cardholder accounts. This issue was not caused by Coinbase.”
Coinbase has stated the error initiated from a change of the merchant category code (MCC) for crypto purchases earlier this month, which meant that crypto payments by card would be processed as “cash advances”. Coinbase reported Feb. 15 that the extra charges were a result of Visa reversing and recharging transactions due to the MCC code change.
Visa and Worldpay write that all of the reversal transactions should have been issued, and will be reflected in the customers’ account balances within a few days. Their statement concludes:
“If you continue to have problems with your credit or debit card account after this reversal period, including issues relating to card fees or charges, we encourage you to contact your card issuing bank. We deeply regret any inconvenience this may have caused customers.”
Brian Armstrong, CEO and co-founder of Coinbase, tweeted that he was “glad to see the record set straight on this”, attaching Visa and Worldpay’s joint statement:
— Coinbase (@coinbase) February 17, 2018
The credit and debit card issues on Coinbase come after a slew of major banks around the world banned credit card purchases of cryptocurrencies, and in some cases debit card purchases, starting earlier this month.
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Author: Molly Jane Zuckerman