The study suggests that security and fraud prevention should be the focus of micro and small companies

The third edition of the global study “Visa Back to Business Study – 2021 Outlook” indicates that the continued migration of micro and small companies (MSEs) into digital commerce will develop in this new year, focusing on areas such as security and fraud. Prevention, in addition to continuing and accepting mobile payments. The survey was conducted between 13 and 25 November 2020 in Brazil, the United States, Canada, Germany, Ireland, Hong Kong, Singapore, Russia, and the United Arab Emirates.

According to the study, by the end of 2020, 82% of those surveyed by MSE had adopted new forms of digital technology to maintain changing consumption habits. For 2021, the Brazilian MSE continues to adopt payment technologies to meet current consumer expectations, which has boosted investment in new software such as security software and protection against fraud (43%), mobile devices. Acceptance of payment through (35%) and installments for online payment (42%).

If the 2020 approach was the year of payments and e-commerce, the results of this study suggest that 2021 would be the year in which digital commerce’s more emerging devices focus more on security, fraud prevention and testing, which should help. Visa says business grows.

New payment technologies and changes in consumer behavior in relation to trade were rapidly adopted in all markets surveyed. The main insights from this edition of the study are given below:

Approximate payments for living are here: In the midst of the epidemic in 2020 driven by the consumer search for safer methods of payment, the global growth in outlook payments is expected to continue this year. Evidence of this is that, in June 2020, 30% of Brazilian MSEs offered payment for the first time approximation. Today, 55% report that they have started accepting new forms of digital payments. About two to three (64%) of them believe that consumers will prefer to continue paying even after everyone’s vaccine is available.

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In Brazil, most small business owners (88%) have changed their mode of operation in the last three months. In June, 50% of Brazilian small entrepreneurs were selling products and services online for the first time due to the epidemic. Now, 58% are doing more, surpassing all surveyed markets, against 43% globally.

The fight against fraud: Globally, tech-savvy entrepreneurs (52%) are more likely to invest in security and fraud protection than their less experienced peers (39%). Recognizing the implications and responding to potential fraud will be a decisive advantage in 2021 as digital sales continue to grow. Although a major factor of concern, global fraud rates remain at the lowest historical levels, approximately US $ 0.007 for each US.

Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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