Today's Date: April 26, 2024
CareTrust REIT Sets First Quarter Earnings Call for Friday, May 3, 2024   •   Latin America CDC a Must, say Public Health Leaders and AHF   •   Books-A-Million Launches Its 22nd Coffee for the Troops Donation Campaign   •   Brothers to Host Grand Opening Event for JDog Junk Removal & Hauling Business on April 28th   •   Harbor Point at Centerville Assisted Living Community Named One of the Country's Best by U.S. News & World Report for Third   •   L.A. Care and Blue Shield of California Promise Health Plans Celebrate New Community Resource Center in West Los Angeles, Highli   •   Badger Meter Declares Regular Quarterly Dividend   •   Levy Konigsberg Files Lawsuits on Behalf of 25 Men Who Allege They Were Sexually Abused as Juveniles Across Four New Jersey Juve   •   Crescent Point at Niantic Assisted Living Community Named One of the Country's Best by U.S. News & World Report for Third St   •   Whitman-Walker Institute Applauds the Biden-Harris Administration for Finalizing Robust Affordable Care Act Nondiscrimination Pr   •   Kinaxis Positioned Highest on Ability to Execute in the Gartner® Magic Quadrant™ for Supply Chain Planning Solutions   •   Chase Opens Innovative Branch in Bronx’s Grand Concourse Neighborhood   •   Getting Tattooed with Gay History   •   29 London Partners With US Media Company Bobi Media to Strengthen Market Offering   •   Chestnut Park at Cleveland Circle Assisted Living Community Named One of the Country's Best by U.S. News & World Report   •   Carbon Removal and Mariculture Legislation Moves Forward in California Assembly   •   US Marine Corps Veteran to Celebrate Grand Opening of JDog Junk Removal & Hauling in Findlay on May 4th   •   Broadstone Net Lease Issues 2023 Sustainability Report   •   The Sallie Mae Fund Grants $75,000 to DC College Access Program to Support Higher Education Access and Completion   •   Suzano 2023 annual report on Form 20-F
Bookmark and Share

Visa Digitally Enables 16 Million SMBs on Path to Reaching 50 Million Goal Worldwide

SAN FRANCISCO , September 15 /Businesswire/ - 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210915005414/en/

“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


STORY TAGS: Photo/Multimedia, United States, North America, California, Economic News/Analysis, Product/Service, Survey, Data Management, Women, Technology, Department Stores, Men, General Health, Supermarket, Specialty, Mobile/Wireless, Consumer, Retail, Infectious Diseases, Small Business, Public Relations/Investor Relations, Finance, Communications, Convenience Store, Professional Services, Software, Health, Online Retail,

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News