This year’s study surveyed small business owners in 9 markets – Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE and US
According to Visa, 90% of surveyed SMBs said they are optimistic about the future of their businesses, the highest level of optimism in Visa Global Back to Business studies to-date.
Interestingly, 82% of SMBs said they will accept digital options in 2022 and 46% of consumers surveyed expect to use digital payments more often in 2022, with just 4% saying they will use them less.
Besides, 73% see accepting new forms of payments as fundamental to their business growth. Of those surveyed, 24% said they plan to accept digital currencies such as the cryptocurrency Bitcoin.
Of small businesses surveyed with an online presence, 90% agreed their survival through the pandemic was due to increased efforts to sell via e-commerce, and reported that, on average, over half of their revenue came from online channels in the last three months.
A majority of SMB respondents expect their business to shift to relying exclusively on digital payments in the future. While 64% of survey respondents anticipate being able to make this shift within 10 years, 41% say it could be within the next two years—and 18% are cashless already.
We’ve reported that Omicron may discourage the economic recovery prospects in 2022.