According to the press release, nearly 78% consumers worldwide 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.
Additional findings from the Visa Back to Business study conducted in the US, Brazil, Canada, Germany, Hong Kong, Ireland, Singapore, and UAE include:
Safety first means touchless: In each market surveyed, contactless payments have become a driving differentiator, as nearly two-thirds (63%) of consumers would switch to a new business that installed contactless payment options. For close to half of global consumers (46%), using contactless payment methods is among the most important safety measures for stores to follow. Nearly half (48%) would not shop at a store that only offers payment methods that require contact with a cashier or a shared device.
SMB optimism vs. consumer realities: 71% of global SMB owners say they have received support from their local communities, with the most coming in the form of business referrals (33%), and favourable reviews (31%).
New normal means new habits: Nearly four in five (78%) consumers have made changes to the way they pay, including shopping online when possible (49%), using contactless payments (48%), and not using cash as much (46%). A majority (70%) of consumers have used a new shopping or payment method for the first time, including 26% who have used tap to pay for in-store purchases, shopping for groceries or household items online (34%), curbside restaurant pick-up (28%), and buying online then picking up in store (25%).
Pivoting to a digital-first mindset: 20% of SMBs have adopted contactless payments, while one-third (33%) of SMBs report they have accepted less, or stopped accepting, cash since COVID-19. Besides, Millennial SMB owners (41%) are significantly more likely to have accepted less or stopped accepting cash, compared to Gen X (31%) and Boomers (21%).
On guard against fraud: More than half (53%) of SMBs are likely to purchase a fraud management solution to help protect their business due to the shift to digital commerce.
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