FinTech: Visa And Visa Foundation Push For Digital Enablement And Financial Inclusion In APEC

November 16, 2023 | FinTech, News

“Visa is committed to continue expanding equitable access and extending digitization for underserved and women-led SMBs globally, so that payments can truly be a catalyst for growth.” – Alfred F. Kelly, Jr., Executive Chairman at Visa

Visa (NYSE: V) and Visa Foundation have announced their commitment to supporting small and micro businesses (SMBs) globally, particularly in the Asia-Pacific Economic Cooperation (APEC) region. The Visa Foundation is pledging $100 million over five years to support underserved and women-led SMBs in APEC economies, focusing on advancing digital financial inclusion, job creation, and increased access to capital. This announcement comes as Visa surpasses its three-year goal of digitally enabling 50 million SMBs globally, reaching nearly 67 million SMBs, with an estimated 29.6 million in the APEC region, including 10.9 million women-led SMBs.

To further accelerate digital enablement, Visa is launching initiatives in the United States and more than 15 developing economies, prioritizing those with clear digital development needs, including Indonesia, Mexico, Peru, Philippines, and Vietnam. Recognizing the ongoing importance of cash transactions in these economies, the initiatives aim to address evolving payment needs and promote financial skills through training and education.

Alfred F. Kelly, Jr., Executive Chairman at Visa, observed a transformation in small businesses over the last three years. They have evolved from relying on digital payments for survival to leveraging the capabilities of digital technology to enhance efficiency and expand their customer reach.

The expanded SMB accelerator initiatives will also involve partnerships with ecosystem participants to fast-track solutions deployment for SMBs.

In addition to financial support, Visa offers various payment services, credit and debit cards, rewards programs, business tools, fraud and security services, and educational programs, including Practical Business Skills and Enko in Latin America.

The company’s mission is to connect the world through an innovative, reliable, and secure payments network, fostering inclusive economies globally.

Related Story:  Visa’s Venture Arm To Spearhead $100M Generative AI Initiative

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