Visa Foundation Pledges $100 Million to Support Underserved SMBs

Published 5 months ago

Visa and Visa Foundation have announced a commitment to support small and micro businesses (SMBs) globally, with a particular focus on the Asia Pacific Economic Cooperation (APEC) region.

Boosting Digital Enablement

Visa Foundation is pledging $100 million over five years to enhance digital financial inclusion, stimulate job creation, and increase access to capital for underserved and women-led SMBs in APEC economies. This initiative aims to advance economic mobility and will involve collaboration with local partners to enhance access for underserved communities.

Visa exceeded its three-year goal of digitally enabling 50 million SMBs globally by June 2023, reaching nearly 67 million SMBs instead. This success has spurred a new initiative to accelerate the digital enablement of underserved SMBs in the United States and certain developing economies, such as Indonesia, Mexico, Peru, Philippines, and Vietnam.

SMBs - The Heartbeat of Global Economy

SMBs, which represent around 90% of businesses and contribute to over 50% of worldwide employment, are crucial to the global economy. Of the nearly 67 million SMBs that Visa has reached, about 29.6 million are from APEC economies, including 10.9 million led by women.

Focusing on Digital Development Needs

Recognizing the digital development needs of SMBs, Visa has unveiled new accelerator initiatives in the United States and over 15 developing economies. These initiatives are particularly focused on regions where cash still dominates transactions and access to digital payments is limited.

Visa’s Expanded Initiatives

Visa’s expanded initiatives aim to enhance partnerships with ecosystem participants that serve smaller sellers and expedite solution deployment for SMBs. Alfred F. Kelly, Jr., Executive Chairman at Visa and Co-Chair of the APEC CEO Summit 2023, stated that Visa is committed to expanding equitable access and extending digitization for underserved and women-led SMBs globally.

Supporting SMBs Year-Round

Visa and Visa Foundation’s commitment to SMBs extends beyond these initiatives. Since April 2020, Visa Foundation has supported localized programs and solutions to help small business owners adapt to the evolving needs of commerce, trade, and consumers worldwide. Visa offers a variety of payment services designed to assist SMBs, including Visa Business credit and debit cards, rewards programs, business and payment management tools, and fraud and security services. Visa also provides financial education and business skills training to promote SMBs’ growth worldwide.