Visa (NYSE: V) announced more than 100 partners across Europe had joined the Where You Shop Matters initiative to help small business owners build digital capabilities and continue serving their communities.
More than two million small firms across Europe have received support since the program's launch in summer 2020. The announcement marks a major milestone in Visa's commitment to helping eight million small and medium-sized businesses (SMBs) in Europe – and 50 million globally - to get online, adapt, and future-proof their business.
Across Europe, Covid-19 continues to have a devastating impact on small businesses. Research conducted by Visa revealed that 65% of small businesses are concerned about their business's future.
With many operating under restrictions and lockdowns, small businesses are increasingly moving their operations online and embracing digital payments. Visa data shows that over 10 countries in Europe have seen a 20% increase in online sales, and eight in ten transactions are now contactless.
"Small businesses play a crucial role in our communities and many continue to operate under challenging conditions brought on by Covid-19. We continue to be inspired by the innovation and entrepreneurial spirit many small business owners have shown, adapting how they do business to keep serving their customers. We are proud that over two million small businesses have been able to benefit from our partner initiatives. We remain committed to continue working with our clients and partners towards an economic recovery that keeps small businesses at the heart of our communities", said Hemlata Narasimhan, SVP, Merchant Sales, and Acquiring Europe at Visa.