Visa Inc. (V) recently introduced the Acceptance Fast Track program, under which small businesses in Asia Pacific will be able to leverage Visa’s new solutions, onboarding processes and program participants and subsequently accept digital payments swiftly and seamlessly.
The main aim of the newly launched program is to boost the digital prospects of small businesses throughout Asia Pacific. It also remains open for participation to payment facilitators and acquirers across the region. The program participants, backed by a helping hand from Visa, will make use of a comprehensive array of tools that are meant to cater to the Small and Medium Business segment for empowering small businesses to extend digital payment options.
Unveiling the Acceptance Fast Track program seems to be a well-timed move by Visa. Since small businesses account for a major portion of the total businesses of Asia Pacific and generate significant employment opportunities in the region, Visa seems to keep a keen eye on harnessing the growth potential of small businesses in the region and extending them the much-needed help. The increased usage of V’s solutions to empower small businesses to accept digital payments is expected to fetch greater revenues for one of the world’s leaders in digital payments. The primary revenue source of Visa is money movement, which is conducted with the help of its innovative technologies among consumers, merchants, financial institutions, businesses, strategic partners as well as government entities stretched across over 200 countries and territories.
Meanwhile, there are several benefits that the new program can offer to small businesses, ranging from access to Visa’s acceptance solutions, e-commerce payment capabilities to contactless payment acceptance capabilities. Digital payments might boost revenue streams and result in a growing customer base for small businesses.
Visa has always been committed to providing the necessary assistance to small businesses, ranging from technological assistance to empowering them with enhanced payment solutions. The operations of such businesses were severely hit by the coronavirus outbreak, which resulted in a dire need to integrate digitization within their business processes. Thereby, it became difficult for small businesses to cope with the changing technology demands. Encouragingly, innovative business payment solution providers like Visa might provide some respite to small businesses.
Source: Yahoo Finance news