Coinbase Wins Feud as Visa, Worldpay Apologize for Card Issues

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EXCLUSIVE—Cryptocurrency exchange Coinbase and payments processor Visa have concluded their feud over card charges on the exchange, with Coinbase emerging as the seeming victor as Visa issued a joint statement along with processor Worldpay apologizing for the issue.

The statement, which was released this past Friday and posted on both Coinbase’s blog and Twitter account, notes that Worldpay—which is the processing partner for Coinbase—and Coinbase “have been working with Visa and Visa issuing banks to ensure that the duplicate transactions have been reversed and appropriate credits have been posted to cardholder accounts.”

This statement follows a series of card issues reported to Coinbase by users, who were experiencing card fees, duplicate transactions, and other issues when attempting transactions on the platform. Coinbase and Visa previously issued conflicting statements on the issue, Bank Innovation reported last week.

Visa and Worldpay have since initiated reversals to those customers who experienced such issues, and note that they believe “the majority of these reversals have already been posted to accounts” in their joint statement. Should Coinbase customers continue to experience problems, they should contact their bank issuer, according to the statement.

The issue was not caused by Coinbase, the statement makes quite clear.

Read the Visa, Worldpay statement in full below (bolded text as presented by Coinbase):

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.

Worldpay and Coinbase have been working with Visa and Visa issuing banks to ensure that the duplicate transactions have been reversed and appropriate credits have been posted to cardholder accounts. All reversal transactions have now been issued, and should appear on customers’ credit card and debit card accounts within the next few days. We believe the majority of these reversals have already posted to accounts. 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.

To learn more about cryptocurrency and payments, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to register.

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