Visa Digitally Enables 16 Million SMBs on Path to Reaching 50 Million Goal Worldwide
15 Setembro 2021 - 8:00AM
Business Wire
New Visa research shows how essential digital
capabilities are for SMBs to compete in a post pandemic world
Amidst record rise of entrepreneurism, a new
class of digitally-native small businesses emerge
Visa (NYSE: V) today announced it has helped to digitally-enable
an estimated 16 million small and micro businesses (SMBs)
worldwide, or just over 30% of the multi-year goal it set in 2020
to digitize 50 million SMBs. Since the start of the pandemic, Visa
has launched community-based programs from Dubai to D.C., to help
more small businesses accept digital payments and gain greater
access to the digital economy. The necessity for SMBs to continue
to digitally accelerate is underscored by the 5th edition of the
Visa Back to Business global study released today, which found that
68% of consumers say COVID-19 has permanently changed how they will
pay.
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“With a 19-month view into the pandemic, we’ve seen that small
businesses who embraced digital commerce and cross-border sales
have weathered the pandemic better,” said Mary Kay Bowman, global
head of buyer, seller, core and platform products, Visa. “But it’s
no longer just about pivoting and surviving. We’re now seeing a
hopeful surge in entrepreneurship, and as we march toward our goal
of 50 million, we’re helping a new breed of business owner come
online as digitally-native for the first time.”
Visa Back to Business Study: A Global Pulse on Payment
Preferences
The Visa Back to Business global research study has surveyed SMB
owners and their customers since the onset of the global pandemic.
With an extensive body of sentiment data accumulated through five
editions, findings from the newest study highlight the economic
opportunity that lies in connecting SMBs, communities and
technology:
- SMBs Still Working to Meet Consumer Expectations: The
pandemic has dramatically increased consumers’ concern with
touching cash and payment readers and correspondingly, increased
the desire to tap to pay1. Seventy-four (74%) percent of SMBs
around the world expect customers will continue to prefer
contactless payments as much as, or more than they do now, with two
in five (40%) SMBs citing contactless among the top investments
needed to meet customer expectations.
- Contactless as a Competitive Edge: Stores that don’t
accept contactless payments could run an increased risk of losing
customers as a result. More than two in five (44%) consumers say
they wouldn’t shop at a store that only offers payment methods that
require contact with a cashier or shared device.
- Prioritizing Online Security: One year ago, just 17% of
U.S. SMBs started selling products or services online for the first
time during COVID-19 and now, 57% expect to continue to do so in
the next three months. Yet, many SMBs surveyed said the shift
presented new challenges with the top concerns cited as data
privacy and security (33%), cost to invest in digital
infrastructure (31%) and having less of a personal connection with
customers (30%).
- Opportunity Knocks for New, Digitally-Savvy SMBs: While
54% of SMBs say the past year has been a challenge for their
business, 46% have viewed it as an opportunity, up from 38% in
November 2020. Among those who saw 2020 as an opportunity, their
focus has been on new products (37%) and expanding their sales
channels (34%), with 23% having started a completely new
business.
Unlocking Access to the Digital Economy
Recognizing that greater digitization of commerce can bring
enormous benefits to small businesses, Visa seeks to bring
increased digital equity and inclusivity to the world through its
multi-year commitment to digitally enable 50 million SMBs. With 3.4
million new U.S. business applications filed in the first seven
months of 2021 alone2, Visa’s efforts are focused on ensuring both
existing and newly minted small businesses are well-equipped to
meet changing consumer demands and embrace the digital future.
From London to North Dakota, Visa has directed resources to SMBs
through dozens of programs tailored to fit the needs of local
communities. Among them, Visa has committed more than $1 million in
hyperlocal grants to U.S. SMB owners who have been
disproportionately impacted by the pandemic, deployed Small
Business Street Teams to 900,000 businesses in 18 markets, and
transformed payment acceptance in 49 markets with Visa Tap to
Phone, which enables sellers to accept contactless payments through
a simple mobile app. Visa also expanded its global digital
education platform for entrepreneurs, Practical Business Skills,
which delivers free education resources to SMB owners and to
support the digital transformation of their businesses. This builds
on a $200 million, 5-year commitment from the Visa Foundation made
in 2020 to support SMBs around the world, with a focus on fostering
women’s economic advancement.
Visa will continue to celebrate the expansive role SMBs play
within local communities and the global economy, starting with the
launch of a new digital series today, “Voices of Access,” featuring
SMB customers from around the world sharing their unique stories
and empowering others to see the possibilities of the digital
economy.
More information on the programs Visa has made available to
small and micro businesses is available on the Visa Small Business
Hub and the Visa Small Business COVID-19 support site.
Methodology: Visa Back to Business Study
The Visa Back to Business Study: 5th Edition, was conducted by
Wakefield Research between June 15-28, 2021, among 2,250 small
business owners at companies with 100 employees or fewer in Brazil,
Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab
Emirates and United States. The consumer portion surveyed 1,000
adults ages 18+ in the U.S., and 500 adults ages 18+ in Brazil,
Canada, Germany, Hong Kong, Ireland, Russia, Singapore and United
Arab Emirates.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device,
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
1 Source: US Contactless Online Research Study April 2020
2 Source: U.S. Census Bureau, Business Formation Statistics
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version on businesswire.com: https://www.businesswire.com/news/home/20210915005414/en/
Kryssa Guntrum 415.805.4488 kguntrum@visa.com
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