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
SAN FRANCISCO -- (BUSINESS WIRE) --
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
Consumers Set the Tone in 2022
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20220112005380/en/
While wiping down groceries and quarantining mail might be bygones of an earlier pandemic era, the 6th edition of Visa’s Global Back to Business study finds that 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 46% of consumers surveyed expect to use digital options more often in 2022, with just 4% saying they will use them less.
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