Mobile payments key for SMBs: Visa

payment terminal apps

Small and medium businesses need to jump on to the mobile payments bandwagon in order
to gain a competitive edge over larger firms.

A recent survey conducted by US-based financial services corporation Visa, indicates that
customers worldwide prefer to pay with credit cards or mobile devices. According to the
survey titled Digital Transformations of SMBs: The Future of Commerce, 52% of consumers
would prefer to shop online if possible. Over 80% of consumers mention that digital benefits,
such as customer loyalty programmes and easy-browsing websites, are motivating factors
when deciding where to shop.

The survey included responses from 425 business and nearly 2,500 consumers.
Visa reveals that 78% of consumers prefer to avoid cash if mobile payments or credit card
payments are available. Steven Leitman, VP of global payment experience and solutions,
Visa says “The survey results show a growing gap between small, local businesses and
consumer preferences, which are inclined towards digitisation and the convenience offered
by online shopping.”

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Larger enterprises often have no problems switching over to mobile payments or offering a
variety of online options that make the digital experience better for consumers. But for
smaller businesses—and especially local businesses— adapting to newer technologies is a
challenge due to scale and resources available.

Recent trends point toward increased digitisation of payments in the future. In fact, 61% of
surveyed customers reported that they planned to increase the amount of purchases they make online over the next five years. SMBs stand to lose a significant amount of business if they don’t make the switch.

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