94% of SMBs eye adoption of new payment methods in 2022

Most consider using e-wallet apps.

The majority (94%) of small and micro businesses (SMBs) in Singapore are eyeing to adopt new payment methods in 2022, with 89% saying doing so would be fundamental to their growth, the latest Back to Business study by Visa showed.

Amongst the methods that SMBs 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 forms of payment (42%) was also cited by SMBs as their top priority for growth in 2022, just behind the offering of new products or services (44%), the study found.

In the next two years, about 72% of SMBs are also planning to use only digital payments or go fully cashless.

Digital payments (41%) are amongst the top factors influencing a customer's purchasing choice, according to Visa, with about 38% saying they have abandoned a purchase from a store that does not accept such payment methods.