The new Internet ‘blackout’ shows the fragility of electronic payment methods

Again the fragility of the system has been revealed this week with the fall of thousands of Internet pages such as PayPal, Amazon, Twitch, Reddit, ‘The New York Times’, ‘Financial Times’, ‘Le Monde’, Spotify, as well as the British Government website, among others.

This new blackout comes after the main social platforms in many countries fell in March, in some areas for up to more than 14 hours, or a fire in one of the main European storage centers for data in Strasbourg jeopardize the security and the possibility of continuing to operate on numerous websites, e-commerce and a wide range of digital businesses.

After these new incidents, experts point out the importance of maintaining hybrid systems that combine the physical and the virtual without giving predominance to either of them due to the high impact they can have in areas such as financial. The current war on cash contributes to an overdependence of digital payment systems which, as has been shown on various occasions, present failures and insecurities in their systems.

This is also noted by the population that prefers to go to cash in times of crisis or uncertainty, as revealed by the increase in cash in circulation by 11% in 2020 compared to 2019, according to the European Central Bank (ECB).

The coexistence of digital methods with physical money, as advocated by the Bank of Spain, gains strength especially when technologies continue to show vulnerabilities and cash maintains the preference of the public and continues to star in the vast majority of transactions in the euro zone.

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