Connect with us

Technology

Visa Data Shows Boost in Spend from Asia Pacific at Olympic Games Paris 2024

Published

on

Biggest spend came from Australia, Hong Kong SAR, Japan, Mainland China and Singapore cardholders[1]Significant increase in spending from Visa cardholders in many areas of commerce including apparel, retail goods, department stores, restaurants, and in contactless purchasesIncrease in travellers to neighbouring Greece, Italy and Switzerland

SINGAPORE, Sept. 3, 2024 /PRNewswire/ — Visa, the Official Payment Technology Partner of the Olympic and Paralympic Games, today shared new data revealing consumer spending patterns from Mainland China, Japan, Australia, Hong Kong SAR and Singapore.

The world leader in digital payments has identified the positive impact that the Olympic Games Paris 2024 is having in boosting commerce in France and across Europe. Top spending patterns[2] by Visa cardholders from Asia Pacific include:

Asia Pacific cardholders spent more in France than in the previous year[3], with Australia recording over 100% increase in their spending, followed by Mainland China (over 80%) and Hong Kong SAR (over 70%)Within France, the biggest share of daily spend[4] comes from Hong Kong SAR (over US$230) Singapore (over US$160), Mainland China (over US$140)Asia Pacific cardholders[5] made twice the number of contactless purchases compared to the previous year’s averageOver 80% of total visitors used Contactless as the payment method[6]Over 30% of cardholders conducted their first international purchase in the last 12 months during their tripFivefold increase in spending on SMB merchants[7] compared to the previous year’s averageOver 50% of spend in shopping, lodging and dining (apparel & accessories, retail goods, department stores and restaurants)Increased spending beyond France in other parts of Europe, including Greece (over 250%), Italy (over 100%) and Spain (over 90%) 

Top Asia Pacific Travel Patterns

France saw an increase of over 70% in number of Asia Pacific travellers during the Olympic Games Paris 2024, with over 60% of total visitors travelling to Paris[8]Other Olympic Games Paris 2024 host cities also benefitted from the Olympic Games with 10% of total visitors travelling to Nice, 5% to Marseille, and 4% to LyonTravel beyond France to other parts of Europe, including Greece (over 170%), Italy (over 80%) and Switzerland (over 60%) 

“The Olympic Games Paris 2024 has not only showcased athletic excellence but also demonstrated the power of global events to drive economic growth and digitalisation especially for small and medium businesses,” said Prateek Sanghi, Head of Visa Consulting and Analytics, Asia Pacific. “What’s really exciting is how contactless payments have doubled during the Olympics — a sign that people are embracing new ways to pay with ease, speed and convenience. We’re seeing the future of payments unfold in real time, uplifting everyone from local businesses in Paris to tourists from across Asia Pacific.”

Prior Visa data from the Olympic Games Paris 2024 revealed significant growth in international visitorship and spending. U.S. cardholders led with a 72% year-on-year increase, followed by Latin America (+62%) and Asia Pacific (+57%). This boost extended beyond Paris to other Olympic host cities. Similarly, Asia Pacific visitors to France increased by over 70%, with a rise of over 80% in overall tourism spend. These figures underscore the Games’ potential to stimulate host-country economies, aligning with Visa’s purpose to uplift everyone everywhere.

Visa’s responsibility to provide payment systems for the Olympic and Paralympic Games requires a robust and venue-specific plan combined with large-scale operations. Working hand-in-hand with the Organising Committee for the last three years, Visa has built a custom payment network across Paris and beyond, which ensures Visa contactless payments are accepted at 3,500 points of sale across 32 Olympic venues and 16 Paralympic venues.

About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com

Disclaimer:
Case studies, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. does not make any warranty or representation as to the completeness or accuracy of the Information within this document, nor assume any liability or responsibility that may result from reliance on such Information. The Information contained herein is not intended as legal advice, and readers are encouraged to seek the advice of a competent legal professional where such advice is required.

[1] Based on Visanet data: Cardholders from these five countries and territories form the highest number of Olympic ticket buyers from the Asia Pacific region.

[2] Figures compare the period from 1 July to 11 August 2024 with monthly average of last 12 months.

[3] Figures compare the period between 1 July to 11 August 2024 and the monthly average spends (per cardholder, by market) between of last 12 months, VisaNet.

[4] Figures describe in-person transactions in France between 1 July to 11 August 2024, VisaNet.

[5] Cross-border visitors to France: (1) international cardholders, and (2) have made CP International transactions in France; time period: 1 July to 11 August 2024.

[6] In-person contactless transactions in France between 1 July to 11 August 2024, VisaNet.

[7] AP Visa cardholders and spend increase in France comparing 1 July to 11 August 2024 and last 12 months’ average.

[8] Figures describe the number of Asia Pacific Visa cardholders in France between 2024-07-01 to 2024-08-11, VisaNet

 

 

 

 

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/visa-data-shows-boost-in-spend-from-asia-pacific-at-olympic-games-paris-2024-302236447.html

SOURCE Visa Worldwide Pte. Ltd

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Prime Minister to travel to New York City to attend the United Nations General Assembly and the Summit of the Future

Published

on

By

OTTAWA, ON, Sept. 16, 2024 /CNW/ – The Prime Minister, Justin Trudeau, today announced that he will travel to New York City, United States of America, from September 22 to 25, 2024, to participate in the 79th Session of the United Nations General Assembly and the Summit of the Future. The Prime Minister will work closely with Canada’s international partners to strengthen democracy, take climate action, defend global security, and improve access to health care, including reproductive health.

As Co-Chair of the United Nations Sustainable Development Goals Advocates group, the Prime Minister will reaffirm Canada’s commitment to advancing ambitious international action toward the 2030 Agenda for Sustainable Development. This includes moving forward on shared work on education, climate change and biodiversity loss, and gender equality around the world.

At the Summit of the Future, the Prime Minister will join other leaders to take action on key global challenges and enhance ways to work together to secure a better future for everyone. The leaders will work to accelerate efforts on pressing global challenges, including sustainable development, international peace and security, technological innovation and digital co-operation, decarbonization and clean energy, and human rights.

Prime Minister Trudeau will co-host a discussion with the Prime Minister of Haiti, Garry Conille, to help mobilize the resources needed to address the crises the country is facing and support solutions that are Haitian-led and focused on the needs of the Haitian people. He will also co-host a high-level event with the President of the European Commission, Ursula von der Leyen, to promote action on climate change, carbon pricing, and industrial decarbonization.

Throughout his visit, the Prime Minister will collaborate with other leaders on pressing geopolitical challenges, including Russia’s ongoing war of aggression against Ukraine as well as the evolving situation in the Middle East. He will emphasize the importance of international efforts to safeguard peace and security around the world, including by defending democracy and strengthening the rules-based international order.

Achieving a more peaceful, stable, and prosperous world starts with unified global action. Canada’s unwavering commitment to the United Nations is a pledge to Canadians that we will do our part to build a better future for everyone.

Quote
“At this year’s United Nations General Assembly and at the Summit of the Future, Canada will have a leading role in making the world fairer and more prosperous. I look forward to working with other leaders to accelerate progress on our shared priorities and build a better future for everyone.”
— The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Quick Facts

Canada has been active at the United Nations (UN) since its creation in 1945 and has played a key role in drafting the UN Charter, the treaty that is the cornerstone of the rules-based international order.Canada is the sixth-largest donor to the UN, including voluntary and assessed contributions totalling over US$2 billion in 2022.In 2015, Canada joined all UN Member States in adopting ambitious goals for sustainable development, as outlined in Transforming our World: The 2030 Agenda for Sustainable Development. The 2030 Agenda centres on a set of 17 Sustainable Development Goals (SDGs), encompassing the social, economic, and environmental dimensions of sustainable development. Taken together, the SDGs aim to improve the lives of all people, while protecting the planet.Released in 2021, Moving Forward Together: Canada’s 2030 Agenda National Strategy builds upon 30 actions and five core principles to create and foster an enabling environment for ongoing dialogue and participation to encourage Canadians to take action to realize the SDGs.In 2022, Prime Minister Trudeau was named Co-Chair, with the Prime Minister of Barbados, Mia Mottley, of the UN SDG Advocates group by UN Secretary-General António Guterres. SDG Advocates work to raise global awareness of the SDGs and of the need for accelerated action by using their respective platforms.In 2021, Canada launched the Global Carbon Pricing Challenge. This partnership aims to expand the use of pollution pricing by strengthening existing systems and supporting emerging ones. The Challenge also serves as a forum for dialogue and co-ordination to make pricing systems more effective and compatible while supporting other countries in adopting carbon pricing and cutting emissions on the path to net-zero by 2050.

Associated Links

Canada and the United NationsSummit of the FutureTransforming our World: The 2030 Agenda for Sustainable DevelopmentThe 2030 Agenda for Sustainable Development

This document is also available at https://pm.gc.ca

SOURCE Prime Minister’s Office

Continue Reading

Technology

NORTH STAR PROMISE DRIVES RECORD ENROLLMENT AT MINNESOTA’S PUBLIC COLLEGES AND UNIVERSITIES

Published

on

By

State Colleges and Universities See 7% Enrollment Surge; University of Minnesota Freshman Class Up 8%

SAINT PAUL, Minn., Sept. 16, 2024 /PRNewswire/ — North Star Prosperity released the following statement after public higher education institutions across the state reported a surge in enrollment thanks to the North Star Promise, a groundbreaking program designed to increase college access and affordability by providing tuition-free opportunities at public and tribal colleges for Minnesota residents making less than $80,000. It is the first time in over a decade that enrollment at Minnesota’s public colleges has increased.

North Star Prosperity led the campaign for North Star Promise, which Governor Tim Walz signed into law in May 2023.

“The North Star Promise program is a game-changer,” stated Mike Dean, Executive Director of North Star Prosperity. “We know that higher education is the most reliable path toward the middle class and yet for more than two decades, the cost of college has been out of reach for too many students. When we make education affordable and accessible, it’s an investment in the future of Minnesota’s workforce. Giving Minnesotans the tools to succeed in today’s economy is not only the right thing to do; it’s good business.”

For more information about the North Star Promise and how it benefits Minnesota residents, please visit www.northstarprosperity.org/freecollege or contact Mike Dean.

North Star Prosperity is fighting for an economy that works for all Minnesotans. Driven by our belief that everyone deserves a fair shot, we challenge the systemic roots of poverty and inequality by advocating for progressive economic policies that dismantle structural barriers and expand opportunity for all.

View original content to download multimedia:https://www.prnewswire.com/news-releases/north-star-promise-drives-record-enrollment-at-minnesotas-public-colleges-and-universities-302249333.html

SOURCE North Star Prosperity

Continue Reading

Technology

Mynaric Advances Production of CONDOR Mk3

Published

on

By

Shipments will support the Space Development Agency’s Tranche 1 program

MUNICH, Sept. 16, 2024 /PRNewswire/ —  Mynaric (NASDAQ: MYNA) (FRA: M0YN), a leading provider of industrialized, cost-effective and scalable laser communications products, today announced the successful advancement of the company’s volume production ramp for the CONDOR Mk3. Mynaric continues to work through previously announced production delays and has realized near-term improvement in production yields and supply chain-related bottlenecks. Production delays of CONDOR Mk3 were caused by lower than expected production yields and supplier shortages of key components.

“We remain committed to our mission to deliver laser communications products at scale to the market and meet our near-term customer requirements,” said Joachim Horwath, Chief Technology Officer and founder of Mynaric. “Despite the setbacks we faced over the past few months, our team has worked tirelessly to address these challenges. We have implemented solutions to ensure the smooth continuation of our production process.”

“We are happy to report that the technical challenges on the production ramp are being addressed and I am working with Joachim to ensure that Mynaric is well positioned for future success,” said Andreas Reif, Chief Restructuring Officer of Mynaric. “Moving forward, Mynaric will continue to meet the current requirements of our customers.”

Current shipments of the CONDOR Mk3 free space optical communications system will be part of the United States Space Development Agency (SDA) Tranche 1 program. Mynaric was selected by Northrop Grumman as the sole supplier of optical communications terminals for the SDA’s Tranche 1 Transport and Tracking Layer programs and by York Space Systems for the SDA’s Tranche 1 Transport Layer. Mynaric was also selected by Loft Federal to supply the CONDOR Mk3 terminals to NExT – the SDA’s Experimental Testbed.

In addition, Mynaric continues to pursue opportunities that explore the use of free-space optical communications for additional space programs. Mynaric has been recognized as a key development partner in Phase 2 of DARPA’s Space-BACN program, was selected by the European Space Agency (ESA) to investigate optical technologies for next generation high-throughput optical inter-satellite links and was selected by the German government for multiple projects to develop quantum communication capabilities.

In addition, Mynaric continues to diligently pursue additional capital sources to secure our on-going operations and production ramp. We continue to evaluate a number of different strategic options to address our near-term capital needs.

About Mynaric

Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C.

For more information, visit mynaric.com

MEDIA CONTACT
Krista Hazen                                                                                   
krista.hazen@mynaricusa.com   

View original content to download multimedia:https://www.prnewswire.com/news-releases/mynaric-advances-production-of-condor-mk3-302249337.html

SOURCE Mynaric USA, Inc.

Continue Reading

Trending