Visa Accelerates Global Support For Small Businesses With A $100 Million Pledge

In a landmark move, Visa and the Visa Foundation have unveiled ambitious plans to bolster small and micro-businesses (SMBs) globally, with a particular focus on the Asia Pacific Economic Cooperation (APEC) region.

Visa has launched an initiative to expedite digital enablement in emerging economies, starting with APEC nations like the Philippines.

The Visa Foundation has committed a substantial $100 million over the next five years to uplift underserved and women-led SMBs in APEC economies, aiming to drive digital financial inclusion, job creation, and enhanced access to capital.

This announcement comes on the heels of Visa surpassing its three-year goal of digitally enabling 50 million SMBs globally by June 2023. The company has gone above and beyond, aiding nearly 67 million SMBs worldwide.

Recognizing the pivotal role SMBs play in the global economy, Visa has launched an initiative to expedite digital enablement in emerging economies, starting with APEC nations like Indonesia, Mexico, Peru, the Philippines, and Vietnam.

Visa's focus extends beyond financial support; it includes fostering an environment that encourages SMB growth. The company's Executive Chairman, Alfred F. Kelly, Jr., emphasized their commitment to extending digitization for underserved and women-led SMBs globally.

“Small businesses are anything but small to 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,” said Kelly.

He further noted that small businesses, which represent about 90% of businesses worldwide, have evolved from using digital payments for survival to leveraging the power of digital technology to enhance efficiency and reach new customers.

The initiative aligns with Visa's multi-year goal to meet evolving payment needs in a dynamic commerce landscape.

The emphasis is on digitizing various aspects, including payment methods, supply chain transactions, and providing financial education. Of the nearly 67 million SMBs reached by Visa, approximately 29.6 million are from APEC economies, including 10.9 million women-led SMBs.

Visa's commitment to accelerating SMB growth globally encompasses partnerships with ecosystem participants. The company aims to fast-track solution deployment for SMBs, recognizing their critical role in the economic ecosystem.

In conclusion, Visa's $100 million pledge to APEC economies and its ongoing global initiatives signify a comprehensive approach to empowering small and micro-businesses. By combining financial support, digitization efforts, and strategic partnerships, Visa is playing a pivotal role in fostering inclusive economies worldwide.

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