Governments that support the digitization of small businesses likely to fare better post-pandemic, according to new report
It’s no secret that micro, small, and medium sized enterprises (MSMEs) have been adopting technologies at unprecedented rates to cope with COVID-19. But now, more MSMEs in developing countries view access to technology and related infrastructure as critical to their ability to recover from the pandemic. This is according to the Small Business in the Digital Age: Recommendations for Recovery and Resilience, a new report from the Visa Economic Empowerment Institute (VEEI) that surveyed 3,000 firms in Brazil, Colombia, Malaysia, Philippines and South Africa.
We talked about these trends and more with Barbara Kotschwar, the executive director of the Visa Economic Empowerment Institute (VEEI) and Akshay Chopra, vice president of Innovation and Design in CEMEA. It’s clear that countries around the world are not only accelerating adoption of digital, but that MSMEs that embraced digital payments before and during the pandemic performed better in 2020 than those who relied on cash-only face-to-face transactions. Our conversation follows.
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