Visa Digitally Enables 16 Million SMBs on Path to Reaching 50 Million Goal Worldwide
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.
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
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
IFF Appoints Glenn Richter as Executive Vice President and Chief Financial Officer16.9.2021 23:15:00 EEST | Press release
IFF (NYSE: IFF) today announced that Glenn Richter, an accomplished financial executive with nearly three decades of experience overseeing finance and corporate strategy for multinational companies, has been appointed Executive Vice President and Chief Financial Officer, effective September 27, 2021. Mr. Richter was most recently Chief Financial Officer of TIAA, a leading global provider of financial services with $1.3 trillion in assets under management. He succeeds Rustom Jilla, who will be leaving the Company following a period of transition. With this appointment, Mr. Richter becomes a member of IFF’s Executive Committee and will be based in the Company’s New York City headquarters. “We are delighted to welcome Glenn to our leadership team. His experience leading large, global finance departments, implementing multi-year strategic productivity initiatives and managing transformative integrations will be a tremendous asset to our team,” said Andreas Fibig, Chairman and Chief Executi
The NAGA Group AG: Christian Angermayer's Apeiron Investment Group and Fosun Join Forces to Further Drive NAGA Growth16.9.2021 23:00:00 EEST | Press release
NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7), provider of the social network for trading, cryptocurrencies and payments NAGA.com, announces its largest equity financing round to date and welcomes Apeiron Investment Group Ltd, the private investment company of entrepreneur and investor Christian Angermayer, and Igor Lychagov, founder of Exness (one of the world's largest brokerage firms with a monthly trading volume of USD 1 trillion) as new strategic and long-term investors. Hauck & Aufhäuser acted as sole bookrunner in the transaction. In addition to participating in the capital increase, Apeiron has entered into a share purchase agreement with its Elevat3 strategy, operating in partnership with Peter Thiel's Founders Fund, to purchase a block of shares from FOSUN Group and is in negotiations to acquire additional shares from other shareholders. These transactions are subject to regulatory approvals. In total and upon full completion, Apeiron is targeting a stake of approximately 22
Landmark Celebrates 30 Years as the Industry Leader in Personal & Professional Growth, Training and Development16.9.2021 21:00:00 EEST | Press release
Landmark (Landmark Worldwide), established in 1991, celebrates its 30th anniversary with more than three million people across the globe having been positively and powerfully contributed to and empowered by its programs. Marking a related anniversary, it was 50 years ago that the ideas that grew into Landmark were born with the delivery of the first est Training in 1971. As the leader in the personal and professional growth, training and development industry, Landmark’s programs and ideas have empowered people for five decades to dramatically elevate the quality of their lives and, in addition, to impact the areas of their lives that matter most to them. Marketdata Enterprises, Inc., publishers of the definitive report on the personal development industry in the United States, stated in their 2021 report: “Landmark was named one of the top training and development companies in the world by HR.com/James McNeil.” “Landmark is recognized for having one of the best faculty bodies in the bu
ISACA to Host Inaugural ISACA Conference Europe Virtual Event16.9.2021 20:21:00 EEST | Press release
Next month, ISACA will host the first-ever ISACA Conference Europe, an event focused on emerging technologies, best practices, and leadership development. The conference will take place virtually 20-22 October featuring topics for business technology professionals as they navigate their transformational roles. ISACA Conference Europe sessions range from 25-75 minutes in length and provide the opportunity to earn up to 19 continuing professional education credits. Conference tracks focus on IT audit, IT governance, COBIT, CMMI, cybersecurity, privacy, risk, performance improvement, emerging technologies, and leadership development & career management. Sessions will be presented live via ISACA’s virtual conference platform, and many will feature a live Q&A with speakers. Attendees will have extended access to the sessions and content so they may view them at their own pace. Session topics include data ethics laws, blockchain, CMMI V2.0, cloud security, auditing artificial intelligence, q
Virpax® Pharmaceuticals Announces Closing of $40 Million Public Offering of Common Stock16.9.2021 20:00:00 EEST | Press release
Virpax® Pharmaceuticals Inc. (“Virpax” or the “Company”) (NASDAQ:VRPX), a company specializing in developing pharmaceutical products for pain management, today announced the closing of an underwritten public offering of 6,670,000 shares of its common stock at a public offering price of $6.00 per share, for gross proceeds of $40,020,000, before deducting underwriting discounts and offering expenses. In addition, Virpax has granted the underwriters a 45-day option to purchase up to an additional 1,000,500 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount. Virpax intends to use the net proceeds from the offering to fund research and development of the Epoladerm, Probudur, Envelta and AnQlar indications and other development programs, pay fees and expenses associated with the offering, repay outstanding promissory notes issued to the Company’s Chief Executive Officer and pay deferred compensation due to the Company’s Chief Executiv
Verimatrix To Highlight Success In Enabling Secure Virtual Hollywood Events at Variety Entertainment & Technology Summit16.9.2021 18:45:00 EEST | Press release
Regulatory News: Verimatrix, (Paris:VMX), the leader in powering the modern connected world with people-centered security, today announced that Jon Samsel, Senior Vice President of Marketing, will discuss the value of harnessing security as a differentiator for the M&E industry during the upcoming virtual Variety Entertainment & Technology Summit. On Thursday, September 23, 2021 from 10:50 to 11:20 a.m. Pacific Time, Samsel will take part in a panel alongside Little Cinema Digital CEO Jay Rinsky and moderator Todd Spangler, NY Digital Editor at Variety. Register for free today. Titled, “Security That's Transforming Hollywood: The Little Cinema Digital Story,” the online event serves as an opportunity for attendees to learn how Verimatrix and Little Cinema Digital collaborated to transform the traditional Hollywood movie premiere business into an immersive virtual event platform that breaks down traditional limitations of venue capacities or locations. By leading with security, the comp
Exactech’s Equinoxe® Stemless Shoulder Replacement System Debuts in Europe16.9.2021 17:06:00 EEST | Press release
Exactech, a developer and producer of innovative implants, instrumentation and smart technologies for joint replacement surgery, announced today that the first anatomic total shoulder surgery has been performed in Europe using its bone-conserving, 3D-printed Equinoxe® Stemless Shoulder. Prof. Mark Tauber, MD, PhD, of Athos Klinik in Munich, Germany, performed the first surgery earlier this month. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210916005561/en/ Prof. Mark Tauber, MD, PhD, of Athos Klinik in Munich, Germany performed the first surgery in Europe using Exactech's bone-conserving, 3D-printed Equinoxe® Stemless Shoulder (Photo: Business Wire) “It was wonderful to be the first user of the Exactech Stemless humeral component in Europe,” Tauber said. “I’ve used stemless implants with various systems since 2007, so I know what we are talking about and have to congratulate Exactech for this product. The user-friendly in
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom