• News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Well Being
  • Marketing
  • HR & Recruitment
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
Twitter LinkedIn YouTube
Trending
  • Are You Ready For The Day When Mental Health & Welbeing Is A Legal Requirement At Work?
  • Document Management Company Celebrating Award Success For Third Consecutive Year
  • Podcast advertising: A lesser-known secret to marketing success
  • 7 effective tips for achieving a better work-life balance as a self-employed professional
  • Education and Culture: Tools against workplace stress
  • Ensuring Ethical AI Practices Tailored to Your Industry’s Needs
  • European Business Lenders Forecast Spiralling Fraud Rates
  • Autumn Statement sparks SME hope, but there is more work to be done
Twitter LinkedIn YouTube
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing
  • Marketing
  • HR & Recruitment
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
You are at:Home»Finance»New Remitly research reveals optimism for a digital payments-focused economy
possibility of living in an economy that prioritises digital payments.

New Remitly research reveals optimism for a digital payments-focused economy

0
By sme-admin on November 1, 2023 Finance, News

Research has been conducted as part of Remitly and Visa’s The Future of Digital Remittance campaign, which revealed that digital transformation is reshaping the global economy.

A Visa survey found that 59% of small businesses are either already employing digital payments or planning to exclusively use such methods. Additionally, over 70% believe that embracing digital payments is crucial to their company’s growth.

The number of global merchant outlets accepting card payments is projected to reach 100 million by the end of 2025, growing from 74.5 million in 2019. This rise has been propelled by the surge in contactless payments during the pandemic. The total transaction value from digital payments is expected to grow by an average of 13.3% year-on-year, leading to a projected market value of over $15.1 trillion.

Digital payment solutions are vital investments globally, particularly during economic uncertainty, as they allow businesses to engage with a wide range of demographics.

There is a clear change happening in consumer purchasing behaviour, both online and in-store, as consumers look to digital payments as their preferred payment method. However, one-third of consumers’ personal spending is still done using cash or checks, so it’s important that businesses recognise that the transition is still underway.

Here are some considerations for businesses as we prepare for a digital-first economy.

  1. Offer a range of payment solutions – If you’re encouraging your customers to transition to digital payments, consider offering a range of payment solutions, such as mobile apps and online bank transfers. Whether your business relies on face-to-face, online, or over-the-phone transactions, it’s a good idea to accept a range of payment options. There are a variety of payment solutions available for businesses to take advantage of – it’s about finding the right solutions for your customers.
  2. Manage financial records – Completing accurate financial records can be incredibly demanding, with multiple cash flows to consider. Digital payment solutions can make this process significantly easier with automated bookkeeping alongside live data tracking and insights, making your data work more efficiently.
  3. Invest in suitable digital payment software – There is a wide variety of digital payment solutions available to businesses, which can provide all sorts of logistical support to companies. Safety is a key feature to consider when choosing digital payment software, as data breaches can be damaging to your company.
  4. Avoid limiting customers to card-only payments – Refusing to accept cash altogether can prevent some consumers from making purchases and can significantly impact profitability in the long run. It can also prevent your business from expanding further, as it can limit your target audience by excluding certain age groups.
  5. Make sure your customer base is ready – Communication is always key when introducing changes to your target customer base. Taking the time to inform consumers of potential risks and benefits protects your company against lost revenue and slow consumer adoption.
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Document Management Company Celebrating Award Success For Third Consecutive Year

Podcast advertising: A lesser-known secret to marketing success

European Business Lenders Forecast Spiralling Fraud Rates

Comments are closed.

Follow SME Today on Linkedin and share all the topics you find interesting

The Newsletter

Join our mailing list to receive the latest news and updates from SMEToday
Read our Latest Newsletter:

Sign Up
Events Calendar
    • Marketing
    November 24, 2023

    Ten Red Flags to Look for When Hiring a Marketing Agency in 2024

    November 13, 2023

    The Power of a Name – Expert Tips for Naming Your Business

    • Finance
    November 29, 2023

    European Business Lenders Forecast Spiralling Fraud Rates

    November 27, 2023

    Autumn Statement sparks SME hope, but there is more work to be done

    Protean Inbound Marketing
    • Health & Safety
    November 21, 2023

    Fire Safety: How to Protect Your Business With 5 Simple Steps

    September 5, 2023

    The Importance of Preventing Falls in the Workplace

    Discover Maximizer
    Discover Maximiser
    • Events
    November 15, 2023

    The Great Christmas Raffle Raising Vital Funds For Charities

    September 28, 2023

    Brighton Half Marathon Youth Races Returning in 2024

    • Community
    November 17, 2023

    Cherishers 811 CIC Wins Bronze & Silver Stevie® Award In 2023 Stevie Awards For Women In Business

    November 15, 2023

    The Great Christmas Raffle Raising Vital Funds For Charities

    • Food & Drink
    November 8, 2023

    Brownie business reaches ‘epic’ proportions with support from Delivered UK and The APC network

    August 8, 2023

    London’s Remote Work Coffee Shop Guide: work-friendly independents and small chains closest to every tube stop in London’s Zone 1

    • Books
    November 27, 2023

    Why Too Much Ego is Disastrous in a Transformation Project

    November 16, 2023

    The Fenton Elliott Business Book Club

    About

    SME Today is published by the same team who deliver The Great British Expos’. We have been organising various corporate events for the last 10 years, with a strong track record of producing well managed and attended business events across the UK.

    Join Our Mailing List

    Receive the latest news and updates from SMEToday.
    Read our Latest Newsletter:


    Sign Up
    Twitter YouTube LinkedIn
    Most Recent Posts
    December 5, 2023

    Are You Ready For The Day When Mental Health & Welbeing Is A Legal Requirement At Work?

    November 30, 2023

    Document Management Company Celebrating Award Success For Third Consecutive Year

    November 30, 2023

    Podcast advertising: A lesser-known secret to marketing success

    November 29, 2023

    7 effective tips for achieving a better work-life balance as a self-employed professional

    November 29, 2023

    Education and Culture: Tools against workplace stress

    Categories
    • Books
    • Community
    • Education and Training
    • Environment
    • Events
    • Features
    • Finance
    • Food and Drink
    • Health & Safety
    • HR & Recruitment
    • In Profile
    • Legal
    • Marketing
    • News
    • Property & Development
    • Sponsored Content
    • Technology
    • Transport
    • Well Being
    Copyright © 2020 SME Today.
    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Privacy
    • Contact

    Type above and press Enter to search. Press Esc to cancel.