Visa commits $100m to accelerate small and micro businesses globally

Visa and Visa Foundation have recently made a series of announcements demonstrating their ongoing commitment to supporting small and micro businesses (SMBs) worldwide, including those in the APEC region. The Visa Foundation has pledged $100 million over five years to support underserved and women-led SMBs in APEC economies. This initiative aims to promote digital financial inclusion, stimulate job creation, and increase access to capital for economic mobility.

In addition, Visa has surpassed its goal of digitally enabling 50 million SMBs globally by June 2023, having already assisted nearly 67 million SMBs. To further support SMBs, Visa has launched a new initiative to accelerate digital enablement in the United States and developing economies, with a particular focus on APEC economies such as Indonesia, Mexico, Peru, Philippines, and Vietnam.

These announcements were made during the Asia Pacific Economic Cooperation (APEC) Forum Economic Leaders and CEO Summit, which took place in San Francisco, hosted by the United States.

Small businesses play a vital role in the global economy and local communities, accounting for approximately 90% of businesses and over 50% of employment worldwide. By collaborating with local partners, the Visa Foundation aims to drive access for underserved communities and promote economic growth.

Visa’s long-term goal is to meet the evolving payment needs of SMBs in a rapidly changing commerce ecosystem. This includes digitizing payment methods, providing access to financial skills through training and education, and expanding opportunities for SMBs to receive payments and pay for supplies, goods, and services. Of the nearly 67 million SMBs reached by Visa, approximately 29.6 million are from APEC economies, with 10.9 million being women-led SMBs.

Visa understands the importance of small and medium-sized businesses (SMBs) and is taking action to support them. Recently, Visa announced new initiatives to accelerate SMBs in the United States and over 15 developing economies. These initiatives will prioritize economies with clear digital development needs, including APEC economies in Indonesia, Mexico, Peru, Philippines, and Vietnam.

In these economies, cash still plays a major role in business transactions, and many people do not have access to digital payments. Visa aims to change this by expanding access to digital payments and promoting digitization for underserved and women-led SMBs. The goal is to make payments a catalyst for growth and provide equal opportunities for all.

As part of these initiatives, Visa will also form partnerships with ecosystem participants that serve smaller sellers. The focus will be on deploying solutions quickly to meet the needs of SMBs.

Visa’s commitment to SMBs goes beyond just digital enablement. The Visa Foundation has been supporting localized programs and solutions since April 2020 to help small business owners adapt to the changing demands of commerce, trade, and consumers worldwide.

Visa offers a wide range of payment services specifically designed for SMBs. These include Visa Business credit and debit cards, rewards programs, business and payment management tools, fraud and security services, and more. Additionally, Visa provides financial education and business skills training to empower SMBs. Visa’s dedication to SMBs is evident in their efforts to support and empower these businesses to thrive in today’s digital world.