Fintech PR
Decades of internationalization pays off as UnionPay recognized across world
SHANGHAI, Jan. 18, 2024 /PRNewswire/ — UnionPay, one of the world’s largest payment brands, is embracing a new chapter of development after its global acceptance scope spanned 183 countries and regions and issuance outside the Chinese mainland surpassed 230 million cards recently.
Thanks to its 20 years of internationalization efforts, it can contribute more “Chinese solutions” to the global payment industry.
On Jan 18, 2004, with approval from the People’s Bank of China, UnionPay launched card services in Hong Kong, marking the beginning of the internationalization efforts made by Chinese bank card brands.
In 2012, UnionPay International, dedicated to international business, was established. Its international strategy evolved from “where Chinese go, UnionPay card services follow” to a more comprehensive “global network, international brand,” aiming to better serve China’s resolve to open wider and to set a high standard in the payment sector.
With the recent initiation of UnionPay card services in El Salvador, its global acceptance scope now covers 66.4 million online and in-store merchants outside of the Chinese mainland. UnionPay cards have been issued in 81 countries and regions outside the Chinese mainland. Currently, UnionPay International has cooperated with more than 2,600 institutions globally.
First choice of tourists
As China’s payment industry has rapidly evolved over the past two decades, UnionPay International has actively enhanced its network service capabilities, diversified product offerings, and improved payment scenarios to provide high-quality financial payment services for both Chinese and international residents engaged in trade and cooperation.
During the New Year holidays, Chinese tourists celebrating globally found UnionPay’s distinctive three-color logo ubiquitously present, whether in the streets of Hong Kong and Macao or at merchants in Bangkok, Tokyo, Abu Dhabi and beyond.
According to a Nielsen report, UnionPay has become the most widely accepted international card brand globally. Since the first UnionPay transaction landed in Hong Kong, UnionPay cards have been accepted in 183 countries and regions around the world, among which 99 countries and regions support UnionPay mobile payment products. UnionPay acceptance rates in the Asia-Pacific, Europe, North America, and other regions have increased to approximately 80 percent.
In China’s Hong Kong and Macao, hundreds of thousands of merchants, millions in South Korea, and almost all QR code merchants in Malaysia and Sri Lanka support the UnionPay app.
Building on the foundation of practicality, UnionPay International has collaborated extensively across industries to create a rich ecosystem for UnionPay payments, giving cardholders more convenience and ease when making payments.
In 2023 alone, tourism bureaus in Australia, South Africa, Singapore, Thailand, Saudi Arabia, international duty-free group DFS, travel platform Trip.com, and tax refund agency Planet Tax Free, among others, have collaborated with UnionPay International, enhancing its payment capabilities in scenarios such as hotel bookings, transportation, dining, and shopping.
Currently, UnionPay payment services are supported in more than 5,000 overseas schools, the top 10 hotel groups globally, renowned airlines, cross-border transportation such as the China-Laos Railway and public transportation in popular overseas tourist destinations.
Close collaboration in cross-border payments between commercial banks and UnionPay International provides personalized options for residents. Various commercial banks have introduced distinctive UnionPay card products, such as cross-border cashback cards, Prestige Asia, cards themed in “Tour South Korea”, and more, catering to different customer segments. Connected to the UnionPay app Network Payment Platform, commercial bank apps can also directly use UnionPay QR codes in overseas acceptance scenarios.
Global expansion
Since the resumption of cross-border movement, international events like Canton Fair and the China International Import Expo have been successfully held in China, making it essential to provide quality payment services for overseas visitors in China.
Currently, outside the Chinese mainland, more than 230 million UnionPay cards have been issued in 81 countries and regions, 180 UnionPay local wallets have been established in 35 countries and regions. These diverse UnionPay payment products cover multiple functions, including card swiping, scanning and cash withdrawals, meeting the needs of both daily life and cross-border payments, positioning UnionPay as one of the preferred payment brands for visitors to China.
This journey began with the opening of UnionPay card acceptance in China’s Hong Kong, where Bank of China (Hong Kong) issued the first local UnionPay card in the same year. This marked the localization of UnionPay International business and the starting point for exploring payment services for residents around the world.
Currently, the Guangdong-Hong Kong-Macao Greater Bay Area has issued 30 million UnionPay cards in total. In the countries and regions involved in the Belt and Road Initiative, the cumulative issuance reaches 170 million cards. In countries such as the United Arab Emirates, Kenya, Mongolia, Singapore and Kazakhstan, UnionPay has become the go-to payment card, favored by local students, workers and teachers, becoming integrated with local life.
These cards can be used in almost all POS terminals and scenarios in China, including taking public transportation, shopping on the Taobao app, booking tickets on travel agency Trip.com, hailing a ride on the Didi app, and ordering food through the Meituan app.
Drawing from its experience of promoting QR code payments domestically, UnionPay has continually extended its mobile payment services to residents outside the Chinese mainland.
In 2018, the Hong Kong–Macao version of the UnionPay app landed in Hong Kong. Subsequently, UnionPay International has innovated cooperation models, supporting overseas wallets to bind UnionPay cards or issue UnionPay virtual cards within their apps. This allows users to utilize familiar local products for payments on the Chinese mainland, without the need for additional account creation or downloading domestic apps. Authentication can be completed through local institutions, eliminating the requirement to provide sensitive personal information to third-party platforms.
Leading Chinese solution
While providing high-quality payment services for overseas residents, UnionPay International collaborates with central banks, national payment networks, and payment alliances of various countries to establish technical standards for payment networks, QR codes, and chip cards. In doing so, it contributes more “Chinese solutions” to the global payment industry.
Adapting to the trends of industrial development, UnionPay International actively seeks new strategies to build global network advantages through the development of both cards and mobile payment.
In recent years, many countries have accelerated the construction of local payment networks and promoted the interoperability between different networks. Since 2023, UnionPay International has collaborated with local networks in 15 countries and regions overseas to promote the interoperability of QR codes. Sixteen projects have been implemented or are in progress including payment networks from Southeast Asian countries such as PayNet of Malaysia, NAPAS of Vietnam, Bakong of Cambodia and LAPNet of Laos. The acceptance scope of UnionPay QR codes outside the Chinese mainland has subsequently increased to 6.5 million merchants in 45 countries and regions. This establishes UnionPay as a payment product with major advantages in the Asia-Pacific region.
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View original content:https://www.prnewswire.co.uk/news-releases/decades-of-internationalization-pays-off-as-unionpay-recognized-across-world-302037769.html
Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
Photo: https://mma.prnewswire.com/media/2586123/Tickmill.jpg
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View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/according-to-tickmill-survey-3-in-10-britons-in-economic-difficulty-purchasing-power-down-41-since-2004-302337354.html
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President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB