The power of digital money for micro and small businesses in Latin America and the Caribbean

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As we well know, micro and small businesses represent the essence of the Latin American economy. Not only because 99.5% of the region's companies are small and medium-sized enterprises (SMEs), responsible for 60% of formal productive employment¹, but also because they create a vibrant force for entrepreneurship and innovation.

With digital connectivity reaching unprecedented levels in the region, we now see a huge opportunity to continue helping micro and nano businesses increase their digital capabilities and thus help them further drive growth, expand their customer base and ultimately increase their prosperity.

We have just released a new report, “ Powering Micro and Nano Merchants’ Businesses how to get south korea whatsapp number through Digital Payments ,” which offers valuable insights to properly address this critical audience, particularly in the current context of digital transformation. The report provides actionable and practical data on merchants’ perceptions regarding digital payments and card acceptance. It also shows which digital tools are most relevant and beneficial for nano and micro merchants, the key challenges to sustaining and growing their businesses, and the key opportunities that currently exist for issuers and acquirers.

All of this is critical to jointly creating strategies that can help us capture significant business opportunities within this segment, both in the physical card and virtual payments space. With our recently revamped Merchant and Money Movement Solutions (CMS) division, we are also at the forefront of capitalizing on new revenue streams for our clients and partners, especially in this sector that embodies the majority of the Latin American and Caribbean trade landscape.

Digital payments have proven to be a game-changer for small businesses around the world. And with the right support, they can continue to be a driving force of economic growth, contributing to a more inclusive and sustainable digital economy.