Visa Study: Small Businesses Optimistic, Looking to Digital Payments for Growth in New Year
12 Janeiro 2022 - 9:00AM
Business Wire
- The 6th edition of Visa’s Global Back to Business study finds
that 73% of small businesses surveyed1 said accepting new forms of
digital payments is fundamental to growth in 2022
- 59% of small businesses surveyed said they already are, or plan
to, use only digital payments within the next two years – largely
in step with 41% of consumers surveyed who said the same
- 90% of small businesses surveyed with an online presence said
they attributed pandemic survival to increased efforts to sell
online
As Visa (NYSE: V) continues toward its goal of
digitally-enabling 50 million small and micro businesses (SMBs), a
new research study released today – the “Visa Global Back to
Business Study – 2022 SMB Outlook” – found that 90% of surveyed
SMBs said they are optimistic about the future of their businesses,
the highest level of optimism in Visa Global Back to Business
studies to-date. While wiping down groceries and quarantining mail
might be bygones of an earlier pandemic era, some changes – such as
increased use of digital payments – are here to stay: 82% of SMBs
surveyed said they will accept digital options in 2022 and nearly
half (46%) of consumers surveyed2 expect to use digital payments
more often in 2022, with just 4% saying they will use them
less.
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“Payments are no longer about simply completing a sale. It’s
about creating a simple and secure experience that reflects one’s
brand across channels and provides utility to both the business and
its customer,” said Jeni Mundy, Global Head Merchant Sales &
Acquiring, Visa. “The digital capabilities that small businesses
built up during the pandemic – from contactless to e-commerce –
helped them pivot and survive and, by continuing to build on this
foundation, can now help them find new growth and thrive.”
According to this year’s study, which surveyed small business
owners and consumers in nine markets – Brazil, Canada, Germany,
Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and
United States – the consensus outlook for 2022 is one of optimism
and intent to digitize even more:
The Path Forward in 2022 for SMBs
- 2022 Ushers in Optimism and Confidence: Building on the
90% of SMBs surveyed who are optimistic about their future, 54%
viewed the last year as an opportunity and report their business is
doing well heading into the new year, up from 46% who said the same
during summer 2021.3
- Going Long on Digital Payments – Even Crypto: An
overwhelming 82% of SMBs surveyed said they plan to accept some
form of digital option in 2022 and 73% see accepting new forms of
payments as fundamental to their business growth. Of those
surveyed, 24% said they plan to accept digital currencies such as
the cryptocurrency Bitcoin.
- E-commerce Buoyed Businesses: Of small businesses
surveyed with an online presence, 90% agreed their survival through
the pandemic was due to increased efforts to sell via e-commerce,
and reported that, on average, over half of their revenue (52%)
came from online channels in the last three months.
- Leaving the Change: A majority of SMB respondents expect
their business to shift to relying exclusively on digital payments
in the future. While 64% of survey respondents anticipate being
able to make this shift within 10 years, 41% say it could be within
the next two years—and 18% are cashless already.
Consumers Set the Tone in 2022
- Accelerating Toward a Digital Future: More than half of
consumers surveyed (53%) responded they expect to shift to being
cashless within the next 10 years, 25% said it will happen in the
next two years and 16% are already using only digital payments. The
top benefits for relying more on digital payments amongst surveyed
consumers were easier online shopping (47%), followed by less risk
of robbery (38%) and convenience (37%).
- Abandoned Shopping Carts In-Real-Life (IRL): The failure
to offer digital payment is frequently a dealbreaker – 41% of
consumers surveyed said they have abandoned a purchase in a
physical store because digital payments were not accepted, and
younger shoppers are even more likely to do so. Gen Z (59%) and
Millennials (55%) have not bought something because there was no
way to pay digitally, significantly more than Gen X (38%) or
Boomers (19%).
- Consumers Embrace the Global Marketplace: As small
businesses look to reach more customers online, 50% plan to
increase cross-border sales in 2022. On average, 68% of consumers
responded they are comfortable buying items or services from a
business in another country or territory. Of those who are not
completely comfortable, 57% cited that fraud protection typically
offered by their credit or debit card provider, such as Visa's Zero
Liability Policy, makes them more comfortable with international
commerce.
Digitally-Enabling 50 Million Small Businesses Since the
start of the pandemic, Visa has launched a variety of
community-based programs to help more small businesses accept
digital payments and gain greater access to the digital economy. As
part of this ongoing commitment, Visa today also announced it has
helped to digitally-enable 24.8 million SMBs worldwide, or 50% of
the multi-year goal it set in 2020 to digitize 50 million SMBs.
Throughout 2022, Visa will continue to provide resources that
support small businesses, such as the $1 million Grants for Growth
program announced earlier this week with Uber and Local Initiatives
Support Corporation (LISC). Through Grants for Growth, 100
merchants will receive grants of $10,000, disaster recovery and
resiliency guides from Uber and LISC, and placement in the Uber
Eats app. Grants for Growth will be supported and managed by LISC
and focuses on local Uber Eats restaurants in 10 cities: Atlanta,
Boston Chicago, Detroit, Los Angeles, Miami, New York/New Jersey,
Philadelphia, San Francisco Bay Area and Washington D.C. For more
information on how to apply for Grants for Growth, please visit
lisc.org/uber.
More information on the programs Visa has made available to
small and micro businesses can also be found 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 was conducted by Wakefield Research in December 2021
and surveyed 2,250 small business owners with 100 employees or
fewer in Brazil, Canada, Germany, Hong Kong, Ireland, Russia,
Singapore, United Arab Emirates and United States. The consumer
section surveyed 1,000 adults ages 18+ in the United States, and
500 adults ages 18+ in Brazil, Canada, Germany, Hong Kong, Ireland,
Russia, Singapore and United Arab Emirates.
About Visa Inc. Visa (NYSE: V) is a world leader in
digital payments, facilitating more than 215 billion payments
transactions between consumers, merchants, financial institutions
and government entities across more than 200 countries and
territories each year. 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.
____________________ 1 Unless otherwise noted, percentages cited
represent average from SMB respondents across all nine markets:
Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE
and US 2 Unless otherwise noted, percentages cited represent
averages from consumer respondents in all nine markets: Brazil,
Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE and US
3 Visa Back to Business Global Study, 5th Edition, page 6
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Media Contact Kryssa Guntrum press@visa.com
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