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SAGE PAY PARTNERS WITH MONEYSWAP TO PROVIDE PAYMENT OPTIONS FOR ASIAN TOURIST MARKET

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:SAGE PAY PARTNERS WITH MONEYSWAP TO PROVIDE PAYMENT OPTIONS FOR ASIAN TOURIST MARKET

Partnership expands UnionPayto Sage Pay customers in the UK, allowing small businesses to accept Chinese bank card payments

Sage Pay has been named as a new strategic partner of  MoneySwap, enabling high street businesses to accept UnionPay (formerly China UnionPay) transactions securely and speedily.

For Sage Pay’s customers, the partnership with MoneySwap helps small and medium sized businesses benefit from the Asian tourist market. Now small, independent, UK businesses will be able to accept foreign revenue from Chinese visitors who want to pay with their existing UnionPay cards.

This alliance comes at a time when Chinese visitors are some of the biggest spenders on the British high street. This, coupled with the ‘quaint and quintessential Britishness’ which is proving popular amongst Chinese consumers, means there is a real opportunity for small businesses to capitalise on a different audience. With MoneySwap, Sage Pay helpsretailers offer this important customer base a payments experience they’re accustomed to, optimising available revenue to compete with bigger enterprises.

:SAGE PAY PARTNERS WITH MONEYSWAP TO PROVIDE PAYMENT OPTIONS FOR ASIAN TOURIST MARKET

“For UnionPay users in the UK, MoneySwap is a recognisable and trusted payments provider,” said Pete Casale, Managing Director at MoneySwap. “These tourists will welcome the lack of currency conversion charges and expenditure cap which Chinese tourists currently face when purchasing with cash abroad.”

Sage Pay’s user-friendly technology and pre-programmed UnionPay terminals allow the merchant to simply plug-in-and-play.

“MoneySwap is a key acquirer for UnionPay and chose to partner with Sage Pay over other UK payments providers because of Sage Pay’s flexible technological development, seamless functionality and its high security,” added Casale.

“For small and independent UK businesses to be successful, it’s vital that they can compete with the large enterprises in any way possible,” said Patrick Hannah, Head of Partner Management at Sage Pay. “At the centre of this is a slick payments experience for all consumers and by offering UnionPay, Sage Pay users will be able to accept foreign revenue, aiding their business growth. We are excited at the prospect of being able to offer UnionPay to our customers and we’re thrilled that MoneySwap chose to partner with us.”

This partnership, along with Sage Pay’s DCC (Direct Currency Conversion) and Tax Free shopping functionality, completes Sage Pay’s offering to enable businesses to make the most of overseas shoppers.

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EU sets itself jobs, training and equality targets for 2030

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EU sets itself jobs, training and equality targets for 2030 1

By Jan Strupczewski

BRUSSELS (Reuters) – The European Commission on Thursday announced goals for the 27-nation bloc to reduce poverty, inequality and boost training and jobs by 2030 as part of a post-pandemic economic overhaul financed by jointly borrowed funds.

The EU executive arm said the European Union should boost employment to 78% in 2030 from 73% in 2019, halve the gap between the number of employed women and men and cut the number of young people neither working nor studying to 9% from 12.6%

“With unemployment and inequalities expected to increase as a fallout of the pandemic, focusing our policy efforts on quality job creation, up- and reskilling and reducing poverty and exclusion is therefore essential to channel our resources where they are most needed,” the commission said.

The goals, which will have to be endorsed by EU leaders, also include an increase in the number of adults getting training every year to adapt to the EU’s transition to a greener and more digitalised economy to 60% from 40% now.

Finally, over the next 10 years, the EU should reduce the number of people at risk of poverty or social exclusion by 15 million from 91 million in 2019.

“These three 2030 headline targets are deemed ambitious and realistic at the same time,” the commission said.

The goals are part of the EU’s set of 20 social rights, agreed on in 2017, to make the EU more appealing to voters and counter eurosceptic sentiment across the bloc.

They say everybody has the right to quality education throughout their lives and that men and women must have equal opportunities in all areas and be paid the same for work of equal value.

The unemployed have the right to “personalised, continuous and consistent support”, while workers have the right “to fair wages that provide for a decent standard of living”.

(Reporting by Jan Strupczewski; Editing by Nick Macfie)

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UK aero-engineer Meggitt eyes return to growth after pandemic slump

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UK aero-engineer Meggitt eyes return to growth after pandemic slump 2

LONDON (Reuters) – British engineer Meggitt said that it could return to profit growth in 2021 provided there are no further lockdowns, despite a weakening in the struggling aviation market at the end of 2020 and early this year.

Pandemic restrictions halted much flying globally last year and forced plane makers Boeing and Airbus to cut production rates, dragging down suppliers like Meggitt, which makes and services parts for such aircraft.

Meggitt’s underlying operating profit plunged by 53% to 191 million pounds ($267 million) in 2020, it said on Thursday, despite continued growth in its defence business which makes parts for military jets and accounts for about 45% of the business.

Meggitt, however, said it expected air traffic to recover in the second half of the year which would help it return to profit growth over the year, although its guidance for flat revenue disappointed analysts who had expected growth of 6%.

Meggitt’s Chief Executive Tony Wood said in November that he had expected flying to start to recover by Easter, but new variants have led to more restrictions and delayed the recovery.

“It has gone back a couple of months… it’s now very much in the summer,” Wood said of the recovery in an interview on Thursday.

Further in the future, Meggitt is positioning itself for the move to lower emissions flying, and its sensors and electric motors will be used on electric urban air mobility platforms, such as flying taxis, and in hybrid aeroplanes being developed.

But Meggitt said new tax breaks announced in Britain’s annual budget on Wednesday aimed at encouraging investment would not change its plans.

“Yes, it will be a benefit. Are we looking at any acceleration as a result specifically of that? Not really,” Woods said.

Shares in Meggitt were down 1% to 427 pence at 0943 GMT. The stock has risen by 50% since news of a COVID-19 vaccine last November, but is still down 23% on where it was pre-pandemic.

($1 = 0.7165 pounds)

(Reporting by Sarah Young; Editing by Alistair Smout and Susan Fenton)

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UK’s Sunak will struggle with plan for tax hikes and spending cuts – IFS

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UK's Sunak will struggle with plan for tax hikes and spending cuts - IFS 3

LONDON (Reuters) – British finance minister Rishi Sunak will probably have to offer concessions to businesses if he wants to be able to implement a big hike in corporation tax that is at the centre of his new budget plan, a leading think tank said on Thursday.

The Institute for Fiscal Studies also said it was very unlikely that Sunak would be able to deliver the 17 billion pounds annual spending cuts included in his plan.

IFS director Paul Johnson said if the plan was implemented as announced on Wednesday, Sunak would meet one definition of a balanced budget – borrowing only to invest – by 2025-26.

“The sad truth is that that would be a balance built on the highest sustained tax burden in UK history and yet further cuts in unprotected public service spending,” Johnson said.

“That is perhaps one measure of the difficulties presented by more than a decade of paltry growth followed by the deepest recession in history.”

(Writing by William Schomberg, editing by David Milliken)

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