Pre-pandemic, merchants in Europe were falling over themselves to accept Chinese payment methods both in store and online. According to the World Tourism Organization (UNWTO), there were 141 million Chinese visits to Europe in 2019. Also, according to UNWTO, Chinese tourists spent an average of €1,919 per day in Europe in 2019, which is significantly higher than the average spending of other nationalities. The affluence of the Chinese middle class continues to grow rapidly, meaning the segment has more disposable income to spend on travel. In 2022 we only saw 25 million Chinese visits to Europe, representing a 44% compound decrease in visitor numbers between 2019 and 2022. As more global travel restrictions are relaxed, Mark Beresford (Director, London) has looked at the importance of accepting Chinese payment methods for merchants across Europe.
Samee Zafar (Director, London) recently spoke with Vibhor Mundhada, CEO at NEOPAY. During the conversation, Vibhor shared his views on the e-commerce market in the GCC region, as well as the future of NEOPAY.
EDC has diligently been tracking and maintaining a comprehensive database of Payment Orchestration Platforms (POPs) since April 2020. Over time, this database has evolved significantly, encompassing a wide range of both agnostic and full stack providers in the payment orchestration space. Mark Beresford (Director, London) and Tom Robins (Business Analyst, London) look over the last three years and describe what has changed in the EDC POP Database.
UK Finance has recently reported that Authorised Push Payment (APP) fraud was down in 2022 but it remains a persistent problem. Over £1.2 billion was stolen by criminals through authorised and unauthorised fraud in 2022. Could Open Banking introduce new avenues and potential risks that scammers could exploit and reverse the fall in APP fraud? Mark Beresford (Director, London) has asked the question - could Open Banking be an open door to more authorised fraud?
In an era of shared living and collaborative experiences, the need to divide expenses fairly and efficiently has become increasingly important. With the rise in the cost of living and the financial challenges faced by new generations, finding innovative solutions to split payments has become paramount. Beatrice Sava (Consultant, London) takes a look at the increasingly interconnected consumers that are using new technologies and payment solutions in order to simplify and focus on enjoying the experience rather than worry about potential financial and emotional anguish.