4th August 2020

Visa Back to Business study assesses dramatic shift to digital commerce in response to the pandemic
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As small and micro businesses(SMBs) worldwide continue to endure the financial impact of COVID-19, one thing is clear: rethinking the checkout or point-of-sale(POS) experience is essential for survival on Main Street. Visa has released the Visa Back to Business study assessing this dramatic shift to digital commerce in response to the pandemic, driven largely by changing consumer expectations for a safe and touchless payment moment. According to the eight market study of both consumers and SMBs, nearly eight-in-10 consumers worldwide (78%) have changed how they pay in order to reduce contact and more than two-thirds of SMBs(67%) have tried a new approach–whether launching an eCommerce site or changing POS technology–to keep their business on track.
“Consumers are putting COVID-19 safety measures at the top of their shopping lists and rewarding businesses that do the same,” said Suzan Kereere, global head of merchant sales and acquiring, Visa. “Historically, we see behaviour change at the point of sale as a gradual shift over time. But, COVID-19 has created an immediate need for safer, more efficient shopping experiences both on and offline and consumers are responding by rapidly migrating to digital commerce. We want small businesses to know that Visa is here to help them navigate these new consumer needs and expectations, which will make their businesses stronger now and in the long run.”