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    PHOTO CREDIT :Keukenhof

    Keukenhof Gardeners Plant the First Flower Bulbs

    Dr. Sara George Muthoot receiving the Lifetime Achievement Award from Ambassador Deepak Vohra, Former Indian Diplomat and Special Advisor, at a ceremony held in New Delhi

    Dr. Sara George Muthoot Receives Lifetime Achievement Award

    10 Transformative Innovations for Climate Action and Planetary Health

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    PHOTO CREDIT :Keukenhof

    Keukenhof Gardeners Plant the First Flower Bulbs

    “It’s our way of adding an extra spark to the festive season, making it more joyful and memorable for everyone.”-Ms. Kamakshi Mantri- CSO, Mantri Square Mall

    TTD Approves New Tirupati Temple in Mangaluru: TTD Member S Naresh Kumar

    Malabar Gold & Diamonds Opens its Showroom at Vaishali Enclave, Pitampura, Inaugurated By Bollywood Star Anil Kapoor

    Coffee Island Debuts in Mumbai with Its First Café at the Iconic Eros Building, Churchgate

    Eugenix Hair Sciences Founders addressing the media with Sonu Nigam

    Eugenix Hair Sciences Unveils Its Global Facility for Hair Restoration in Gurgaon

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    Heart Transplant Gives 63-Year-Old Man from Madanapalle a New Lease of Life

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    OPPO India launches F31 5G Series: The Best Smartphone for Durability with Smooth and powerful performance

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    Apple Koregaon Park opens to customers this Thursday September 4 in Pune - PHOTO CREDIT-Apple

    Apple Koregaon Park opens to customers this Thursday, September 4, in Pune

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    PPS Motors launches MG Windsor Inspire Edition.

    Nitin Gadkari, Union Minister of Road Transport & Highways with Anurag Mehrotra, Managing Director, JSW MG Motor India

    JSW MG Motor India Launches the Windsor Inspire Edition

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    Eugenix Hair Sciences Unveils Its Global Facility for Hair Restoration in Gurgaon

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Small Businesses Eye Global Expansion as Key to Growth, Visa Study Finds

FWM by FWM
September 12, 2023
in Business
0
Source: Visa Inc.

Source: Visa Inc.

As digital payments go from being an option to a way of life, new research reveals what’s next: cross-border sales

SAN FRANCISCO–(BUSINESS WIRE)–Sep. 12, 2023– Visa (NYSE: V) today revealed findings from the seventh edition of its Global Back to Business Study, which found that a majority of surveyed small and micro businesses (SMBs) plan to prioritize cross-border sales as they look to scale beyond Main Street and High Street to new geographies. Additionally, the survey found that a growing number of consumers are embracing cashless transactions, with nearly 60% of surveyed shoppers predicting they will use digital payments more frequently this year.

“It used to be that only big businesses could scale to access customers across the country or around the world, but today’s small business owner can be virtually borderless,” said Jeni Mundy, global head of merchant sales and acquiring, Visa. “At Visa, we’re seeing the small business mindset shift from survival mode to growth mode, as SMBs harness the power of digital payments to improve efficiencies, reach new audiences and simply thrive in today’s increasingly digital world.”

Looking beyond pandemic-era challenges to the full arc of opportunities ahead, Visa’s Global Back to Business Study surveyed small business owners and consumers in ten markets, including Australia, Brazil, Canada, Germany, Hong Kong, Ireland, New Zealand, Singapore, United Arab Emirates (UAE) and United States (US). Key insights include:

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  • The world is their marketplace. Seventy-nine percent of surveyed business owners cited expanding into new geographies as a focus for growth. A high number (72%) of consumers said they already feel comfortable buying across borders.
  • Leaving paper behind. While 95% of small business owners surveyed planned to be cashless “someday,” 51% planned to make that shift in the next two years. Consumers lead this shift, with 55% of those surveyed predicting they will use digital payments more in the coming year.
  • Shopping small. Forty-nine percent of consumers intended to shop more at local businesses this year as they look to support the local economy (65%) or make a personal connection (44%) in their community.
  • The To Do list. Business owners cited increasing social media presence (44%), offering new products or services (41%) and investing more in marketing (40%) as the top opportunities to reach new customers, with 35% eyeing accepting new forms of payment as a crucial area that can help them improve their business.

Powering SMB Growth Globally, Year-Round

Small businesses are anything but small to Visa. Through a variety of localized programs and solutions, Visa enables small business owners to meet the rapidly changing demands of global commerce and consumer needs. Visa offers numerous payment services designed to help SMBs pay and get paid, including Visa Business credit and debit cards through associated financial institutions, business and payment management tools, fraud and security services, among many other solutions. Visa also provides financial education and business skills training, including Practical Business Skills globally and Enko in Latin America.

In 2020, Visa Foundation announced a five-year, $200 million strategic commitment to support the establishment and growth of thriving small and micro businesses with a focus on women entrepreneurs. Through its investments and grant-making activity, Visa Foundation partners with organizations that provide catalytic capital, capacity building and support services. Additionally, Visa Foundation uses capital as a tool to enable the flow of investment capital to gender diverse SMBs.Source: Visa Inc.

FWM

FWM

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