94% of SMBs plan to adopt new payment methods in 2022

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Staff reporter

, Singapore

Most consider using e-wallet apps.

The majority (94%) of small and micro businesses (SMEs) in Singapore plan to adopt new payment methods in 2022, with 89% saying it would be fundamental to their growth, according to the latest Back to Business of Visa.

Among the methods SMEs are considering using are e-wallet apps (59%), mobile contactless payments (58%), contactless cards (43%), Buy Now Pay Later solutions (35 %) and digital currencies (33%). .

Accepting new payment methods (42%) was also cited by SMBs as their top priority for growth in 2022, just behind offering new products or services (44%), according to the study.

Over the next two years, around 72% of SMBs also plan to use only digital payments or go entirely cashless.

Digital payments (41%) are among the top factors influencing a customer’s purchase choice, according to Visa, with around 38% saying they’ve abandoned a purchase from a store that doesn’t accept these payment methods.

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