How can we reactivate local economies and support the development and growth of our SMEs?

SMEs are the foundation of the modern economy. At a global level, SMEs represent a staggering 90 percent of all businesses and more than 50 percent of employment worldwide.¹

However, even as they play a key role in local economies, SMEs are often more vulnerable than larger firms to disruption² during periods of economic turmoil. They typically have fewer financial resources, lower access to capital, and can be more volatile when economic conditions turn negative. Even in non-crisis times, many SMEs face significant challenges in bringing products to market or purchasing inventory, due to access to financing, adoption of technology and logistics.

Digital payments are a key enabler of SMB digitalization, helping to level the playing field versus their larger peers. For small businesses, digital payments can drive an increase in the number of clients and revenue, improvement in customer convenience and satisfaction, reduction of operational risks, and easier access to lending.