Payment and visa processing company Worldpay issued a joint statement on the Coinbase blog today, February 17, taking responsibility for charging Coinbase customers multiple times for the same transaction.
Before admitting the error in the statement published by Coinbase today, Visa initially shifted the blame to Coinbase, telling the Financial Times on February 16 that it had done so. “No changes have been made to the systems that would result in duplicate transactions being reported by cardholders.”
However, the latest statement from Visa and Worldpay on the Coinbase blog explains:
“Over the past two days, some customers who used a credit or debit card on Coinbase may have seen duplicate transactions posted to their cardholders’ accounts. This problem was not caused by Coinbase.“
Coinbase reported a bug that started with changing the Merchant Class Code (MCC) for cryptocurrency purchases earlier this month, meaning that crypto-card payments will be processed as “cash advances.” Coinbase reported on February 15 that the additional fees were the result of reverse Visa transactions and recharges due to the MCC token change.
Visa and Worldpay wrote that all reverse transactions should have been issued, and they will be reflected in customer account balances in a few days. Their statement concludes:
“If you continue to have issues with your credit or debit card account after this reversal period, including issues with card fees or charges, we encourage you to contact the bank that issued your card. We deeply regret any inconvenience this may cause to customers.” .
Brian Armstrong, CEO and co-founder of Coinbase, tweeted that he is “I am happy to see the record correct this.”, attached to the Visa and Worldpay joint statement:
A joint statement by Visa and Worldpay for Coinbase customers pic.twitter.com/DQLSs1PrU7
– Coinbase (coinbase) February 17, 2018
Coinbase’s credit and debit card issues come after a slew of major banks around the world banned cryptocurrency credit card purchases, and in some cases debit card purchases, starting earlier this month.