Digital Payment Options Are Essential

Majority (73 per cent) of small businesses (SMBs) say accepting new forms of digital payments is fundamental to growth in 2022, says the sixth edition of Visa’s ‘Global Back to Business’ study. Furthermore, 59 per cent of SMBs say they already are or planning to use only digital payments within the next two years. Furthermore, the study says 53 per cent expect to shift to being cashless within the next 10 years, 25 per cent say it will happen within two years, and 16 per cent are already using only digital payments. Also, 41 per cent of consumers say they’d abandon a physical store because digital payments are not accepted. Younger generations like Gen Z (59 per cent) and Millennials (55 per cent) are choosing to not follow through with a purchase because a digital option was not available.