Visa’s global head of sales and acquiring discusses the research which finds digital payments and online shops are being seen as key to growth.
“These high levels of optimism go hand-in-hand with how much better equipped small businesses have become,” said Mundy. “The digital capabilities that so many small businesses built up during the pandemic — from contactless payments to e-commerce — helped them pivot and survive. [In our study] four-in-five small businesses agreed that, with the right tools in place, their business can compete against any competitor.
Notably, this came in tandem with rising consumer demand for more digital payment options. In the consumer portion of its survey, Visa found 41 percent of global consumers have abandoned a purchase in a physical store because digital payments were not accepted. This percentage rises to 59 percent for Gen Z and to 55 percent for Millennials. A third of global consumers also said they would not shop at a store that only offers payment methods that require contact with a cashier or a shared device.
At the same time, almost 90 percent of consumers also said they see benefits to a digital-first payments society, reporting it would be easier for online shopping, less risk of robbery, health reasons and more security. Moreover, Mundy said, while in the past small and micro-businesses worldwide have struggled with traditional payment acceptance there are now solutions to enable.
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