Visa strengthens initiatives to boost support for small businesses 

Visa and its Visa Foundation unveiled key initiatives supporting small and micro businesses (SMBs) worldwide, particularly across APEC economies. 

The Visa Foundation committed $100 million over five years to boost underserved and women-led SMBs in APEC regions, focusing on digital inclusion, job creation, and capital accessibility.

According to payments processing company Visa, it surpassed its goal of digitally enabling 50 million global SMBs by June 2023, aiding nearly 67 million businesses. To intensify this support, Visa initiated efforts to accelerate digital enablement in economies like Indonesia, Mexico, Peru, the Philippines, and Vietnam.

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Small businesses drive local communities and the global economy, constituting around 90% of businesses and over 50% of worldwide employment. Visa Foundation’s $100 million pledge aims to advance financial inclusion, stimulate job growth, and enhance capital access, working in tandem with local partners.

“SMBs form the core of the burgeoning economy in the Philippines, with more than a million SMBs and MSMEs in the country, and Visa has been a proud supporter of facilitating their growth with secure and convenient digital payment solutions,” said Jeff Navarro, country manager for the Philippines of Visa.

Digitization

Visa’s focus on SMBs aims to cater to evolving payment needs in a dynamic commerce landscape. The company digitizes various payment methods for customers, facilitates payment for supplies, goods, and services, and offers financial skill training.

Acknowledging the significance of SMBs, Visa introduced SMB accelerator programs in the United States and over 15 developing economies, prioritizing areas with pressing digital needs, notably within APEC economies.

Visa’s SMB Accelerator Program in the Philippines focuses on competitive pricing, swift onboarding, and comprehensive market support. Collaborations with e-wallets like Maya and GCash provide diverse payment modes, aiding financial inclusion for populations with limited access to traditional banking.

Visa’s initiatives to empower small businesses include localized programs, varied payment services, rewards programs, management tools, security services, and comprehensive financial and business skills training globally.

“Small businesses are anything but small to Visa,” said Alfred F. Kelly, Jr., executive chair at Visa. “Over the past three years, we’ve seen them shift from leveraging digital payments to survive to now harnessing the power of digital to improve efficiency and reach new customers,”