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

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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

 

 

 

 

 

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SOURCE Visa Worldwide Pte. Ltd

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CGTN: China boosts education system to become a leading country in education

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BEIJING, Sept. 10, 2024 /PRNewswire/ — Working as a primary school teacher in Taishitun Township in Beijing, Diao Rongchun has remained deeply committed to education in mountainous areas.

Adhering to the concept of “tolerance, gentleness, cultivation and education,” Diao employs a teaching method based on interaction, mutual appreciation and mutual promotion, paying close attention to the growth of every student.

To that end, she has traveled throughout the township, visiting left-behind children and single-parent students in mountainous areas, formulating special study plans for them, and earning the trust and gratitude of their parents.

During an awards ceremony held on Sunday to honor model teachers and outstanding groups and institutions in China’s education sector ahead of the 40th Teachers’ Day, which falls on Tuesday, Diao, among a total of 716 people, was awarded the title of national model teacher.

While addressing a national meeting on education in Beijing from Monday to Tuesday, Chinese President Xi Jinping sent greetings to teachers and others working in the education sector across the country, urging efforts to make solid progress toward the strategic goal of building China into a leading country in education.

Building a high-quality education system

To date, China has developed the world’s largest and highest-quality education system, achieving a historic leap in the level of education popularization.

According to official data, in 2023, there are 498,300 schools of all types and levels across the country, with 291 million students enrolled in academic education and 18.918 million full-time teachers.

Meanwhile, the academic qualifications of teachers have also steadily improved. In 2023, 78 percent of primary school teachers and 93 percent of junior high school teachers hold a bachelor’s degree or higher. The proportion of teachers with senior professional titles has increased significantly, including the establishment of senior teacher positions in primary and secondary schools.

The enrollment rate for higher education increased from 30 percent in 2012 to 57.8 percent in 2021, marking a historic leap that signifies higher education in China has entered a stage of widespread recognition. Many Chinese universities and disciplines have achieved a very advanced level globally.

Additionally, China emphasizes the equal importance and coordinated development of vocational and general education, accelerating the creation of a modern vocational education system to help students with diverse talents and interests realize their potential.

Describing the effort to build a leading education system as complex and systematic, Xi Jinping emphasized the need to focus on education’s fundamental task of fostering virtue. He called for efforts to cultivate a high-caliber teaching workforce and stressed the importance of improving teachers’ status, pay and welfare to make teaching one of the most respected professions.

Xi also highlighted the need to develop high-quality and balanced compulsory education and to reduce disparities between urban and rural areas, regions, schools and social groups.

Opening China’s education sector to the world

In China, many major national projects rely heavily on key technologies provided by universities, which play a crucial role in basic research and are the source of significant scientific and technological breakthroughs.

At the National Science and Technology Award Conference in 2023, universities and colleges won 75.5 percent of the State Natural Science Awards, 75.6 percent of the State Technological Invention Awards, and 56.5 percent of the State Scientific and Technological Progress Awards, respectively.

Moreover, China collaborates on major scientific research projects with relevant countries through the establishment of overseas science and education cooperation centers to address global challenges.

For example, the China-Africa Joint Research Center, established in 2013, is the first comprehensive scientific and educational institution built overseas by China. The center brings together scientific research and teaching institutions from 16 African countries and China to collaborate on fields such as biodiversity surveys and assessments, water resources, and ecological environment monitoring, creating a network that integrates scientific research and talent training.

To date, researchers at the center have jointly published more than 600 papers, held over 30 international training courses and technical sessions, and trained more than 300 students from 14 African countries.

China also hosts various international conferences, such as the World Digital Education Conference, establishes Luban Workshops in multiple countries, and expands exchanges between Chinese and foreign youths, aiming to build a significant global education center.

During the national meeting on education, Xi emphasized the importance of further opening China’s education sector to the world, including expanding international academic exchanges and broadening cooperation in education and scientific research.

https://news.cgtn.com/news/2024-09-10/President-Xi-stresses-building-China-into-leading-country-in-education-1wMHdgqzPBS/p.html

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OutSystems and KPMG Announce New Survey Exploring AI and the Future of Software Development

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Redefining “impossible” legacy projects, 75% of software executives see up to a 50% reduction in development time with increased AI and automation

SINGAPORE, Sept. 11, 2024 /PRNewswire/ — As the reach of artificial intelligence (AI) expands, IT leaders are exploring new use cases for technology used throughout the software development lifecycle (SDLC), according to a new survey launched today titled “AI in software development: Exploring opportunities and uncertainties” by OutSystems, a global leader transforming how companies innovate through software, and KPMG, a multinational professional services network.

The research surveyed 555 software executives around the world whose companies span IT consultancy services, manufacturing, banking, financial services and insurance among others. 84 percent of respondents reported that their organizations first began to incorporate AI technologies in their SDLCs between six months to five years ago, with the earliest adopters primarily being IT services companies. Across regions, EMEA and North America remain roughly on equal footing, while APAC is steadily catching up.

The findings show that testing, quality assurance, and security vulnerability detection are by far the most widely adopted use cases for AI in software development. Nonetheless, generative AI (GenAI) is set to transform the industry by significantly enhancing these processes and introducing unprecedented capabilities.

75% of software executives have seen up to a 50% reduction in development time by implementing AI and automation. 

Early adopters are planning to increase their use of AI in other stages of the SDLC, such as user interface design, code generation, DevOps optimization, and application maintenance. Nearly all respondents are planning to increase their investment in AI-augmented SDLC management over the next two years, indicating that AI will play a central role in driving innovation and competitive advantage in the software industry.

“AI is redefining the impossible,” said Paulo Rosado, CEO and founder at OutSystems. “I’m laser-focused on helping teams compress multi-year legacy modernization projects into just a few months. The latest AI disruptions have brought us the potential to compress these development timelines into even shorter and faster projects. With AI, historically impossible transformation projects are not only possible but easier, cheaper, and faster to accomplish.”

71% of respondents are planning to incorporate AI into application development and SDLC management workflows.

“Right now, the developer’s role is shifting from code writer to code reviewer,” said Rodrigo Coutinho, Co-founder and AI Project Manager at OutSystems. “Large language models (LLMs) are a big help, but they still make mistakes. But as these models evolve, and trust in the resulting code improves, the developer’s role will be more akin to that of an orchestrator and acceptance tester of AI-generated outputs.”

Despite being a nascent technology a couple of years ago, the report found that confidence in the quality of AI-generated code has risen substantially—half of respondents said that the implementation of AI has improved software quality, enhanced decision-making, and increased efficiency in software testing and quality assurance.

But confidence is also paired with risk awareness surrounding tech debt in the form of orphan code and hallucinations, a lack of context for an organization’s specific coding needs, and scalability concerns. With strategy baked into AI in SDLC processes, 56% of respondents said they experienced or expected to experience a higher quality of applications, with fewer bugs and improved performance.

Data privacy and security concerns remain the primary barriers to broader adoption.

The AI opportunity is undeniably huge, but its wider adoption in other areas of the SDLC beyond software testing and vulnerability detection still face some barriers. Chief among these are data privacy and security concerns (56% of respondents) and regulatory and compliance challenges (42%). Moreover, 38% of executives cite difficulties integrating generative AI into existing workflows as the primary barrier to adoption.

“There’s a lot of speculation on what will change with the rise of GenAI,” said Michael Harper, Managing Director at KPMG U.S. “While there will be challenges, those with effective change management initiatives will reskill and upskill their workforces, leading to AI and jobs evolving in tandem.”

One-third of respondents said they had a backlog of between 150 and 800 use cases for GenAI. 

The speed and sprawl of AI, namely GenAI, is paving the way for an increase in investments for nearly all respondents.

But risks concerning the reliability of AI-generated code persist, though they can be mitigated with existing approaches, such as user acceptance testing, unit testing, and regression testing. “It’s up to the developer working with AI to guarantee the quality of the deliverables, but this becomes way more efficient with AI,” said Coutinho. “AI is, in fact, a great partner in creating tests in synthetic data.”

Other oft-cited concerns were the limited availability of skilled personnel and difficulties integrating GenAI into existing tech stacks and workflows. Fears of job losses are high as well, with 89% of respondents claiming that certain roles will be eliminated by AI. This falls in line with a broader industry trend over the last couple of years. However, in the longer term, AI may well create more jobs than it displaces, resulting in a new type of developer, equipped with specialized AI skill sets.

For more insights from the 2024 survey “AI in software development: Exploring opportunities and uncertainties,” download the report here.  

About OutSystems

OutSystems is a global leader transforming how companies innovate through software, empowering IT leaders with a better way to build the software that matters most. The OutSystems platform helps companies develop, deploy, and maintain mission-critical applications by unifying and automating the entire software lifecycle. With OutSystems, organizations leverage GenAI to deliver software instantaneously, adapt faster to changing requirements, and reduce technical debt by building on a future-proof platform. Helping customers achieve their business goals by addressing key strategic initiatives, OutSystems delivers software up to 10x faster than traditional development. Recognized as a leader by analysts, IT executives, business leaders, and developers around the world, global brands trust OutSystems to tackle their impossible projects and turn their big ideas into software that moves their business, people, and the world forward.

Founded in 2001, the company’s network spans more than 750,000 community members, over 500 partners, and active customers in 75+ countries across 21 industries. Learn more at www.outsystems.com.

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Antaisolar Shines at Intersolar S.A.: Highlights of Innovations and Growth

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SAO PAULO, Sept. 10, 2024 /PRNewswire/ — From August 27th to 29th, Antaisolar showcased its innovations at the Intersolar S.A. Exhibition in São Paulo. During the exhibition, Antaisolar unveiled its cutting-edge solar solutions, including the TAI-Simple solar tracking system and advanced rooftop solar racking systems. These innovations drew significant interest from attendees around the world.

Focus on TAI-Simple Intelligent Tracker

A highlight of Antaisolar’s display was the TAI-Simple solar tracking system, demonstrating the company’s commitment to developing products that optimize the Levelized Cost of Electricity (LCOE) for utility solar projects. This system features a multi-damping design that ensures both stability and durability. Equipped with a patented single slew drive motor and an intelligent tracking algorithm, the TAI-Simple system precisely adjusts panel angles with a tracking range of ±60°. Its compatibility with large-format modules further enhances energy yield, making it an ideal solution for large-scale solar projects across South America.

Standout Rooftop Racking Systems

At the exhibition, Antaisolar also highlighted its advanced rooftop solar racking systems, designed to improve installation efficiency and ensure structural integrity and longevity for solar roofs. With Brazil’s rooftop solar capacity expected to surpass 15 GW by 2027 and an annual growth rate exceeding 20%, these racking solutions reflect Antaisolar’s commitment to delivering high-quality, cutting-edge technology tailored to the South American market.

Commitment to Local Support

Antaisolar operates six production facilities and eight delivery service centers globally, ensuring timely delivery and rapid response to urgent needs. In Brazil, Antaisolar has established a comprehensive support infrastructure, including an office, production base, and delivery center, to enhance project implementation across the LATAM region. Additionally, the company has set up regional offices in Argentina and Chile and continues to expand its market presence.

Antaisolar tracking system shipments ranks No.8 in South America market, and No.12 in global market for 2023, according to the Solar Tracker Market Report 2024 published by S&P Global. As a leader in digital intelligent PV mounting system solutions, Antaisolar’s global shipments have reached an impressive 33.2 GW. Remaining dedicated to its mission of “Raise a Green World,” Antaisolar offers top-notch products and comprehensive services to advance the global solar industry. The Intersolar S.A. exhibition highlighted Antaisolar’s pivotal role in the solar mounting system sector, showcasing its innovative solutions and reaffirming its commitment to advancing solar technology across South America and beyond.

For more information, please visit: Antaisolar

Contact us: sales@antaisolar.com 

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