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

• New Visa research shows how essential digital capabilities are for SMBs to compete in a post pandemic world
• Amidst record rise of entrepreneurism, a new class of digitally-native small businesses emerge

DUBLIN – September 15, 2021 – 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 digitise 50 million SMBs. Since the start of the pandemic, Visa has launched community-based programmes from Dublin to DC, 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 5^thedition of the Visa Back to Business global study released today, which found that 69% of consumers in Ireland say COVID-19 has permanently changed how they will pay.

“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 Dominic White, Country Manager Ireland, 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 pay[1]. 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 almost half (46%) of SMBs in Ireland 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 one third (35%) of consumers in Ireland say they wouldn’t shop at a store that only offers payment methods that require contact with a cashier or shared device.
• Prioritising Online Security: One year ago, just 24% of Irish SMBs started selling products or services online for the first time during COVID-19 and now, 44% 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 (34%) and a lack of expertise in using new technology (31%).
• Opportunity Knocks for New, Digitally-Savvy SMBs: While 50% of Irish SMBs say the past year has been a challenge for their business, the same number have viewed it as an opportunity, up from 37% in November 2020. Among those who saw 2020 as an opportunity, their focus has been on new products (42%) and expanding their sales channels (38%), with 27% having started a completely new business.

Unlocking Access to the Digital Economy

Recognising that greater digitisation 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.

In Ireland, Visa is working closely with its network of industry, technology and community partners to digitally enable small businesses impacted by the pandemic. Earlier this year, Visa announced a partnership with Irish start-up Clickandcollection.com, which provides small businesses with tools to sell online to help more independent businesses take online orders. Founded at the beginning of the pandemic, ClickandCollection.com enables businesses to set up an online storefront in minutes, with or without an existing website.

Visa understands that for time strapped small businesses, taking a business online can be a daunting process. That’s why Visa launched its Digital Business Kit providing expert end-to-end guidance – from setting up and growing a digital presence, to transferring essential parts of a business online. More information on the programmes Visa has made available to small and micro businesses is available on the Visa Small Business Hub.

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.

[1] Source: US Contactless Online Research Study April 2020

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Methodology: Visa Back to Business Study

The Visa Back to Business Study: 5^th 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 @VisaIreland