It's a small (business) world after all.
Small business is the connective tissue of our global economy, accounting for 90% of all business and employing roughly 70 percent of the world’s workers. In some regions, it is even more vital, serving as the arterial vein through which goods, services and livelihoods flow.
So it comes as no surprise that as the coronavirus has swept across the globe, shuttering doors of neighborhood stores and straining performance of local firms, we have felt their absence profoundly. The World Economic Forum projects total economic activity will contract by more than 7% by the end of the year, warning of the worst recession since before World War II.
Impressively, many small businesses have already begun to rebuild. In honor of their tenacity, we are dedicating this month’s coverage on the Mastercard Newsroom to them.
Figuring out the rules of engagement in a post-pandemic world is complicated for even the savviest entrepreneurs. By empowering small businesses with digital payment solutions, data insights and the tools to more efficiently and securely run their enterprises, Mastercard is committed to helping entrepreneurs around the world not only recover but grow and thrive.
Across the world, small businesses are shifting to e-commerce, and we’ll show you how they’re tackling their most pressing challenges and share insights on the future of retail, from the embrace of contactless payments to the emergence of grab-and-go and curbside pickup. We’ll take you to Africa, where microentrepreneurs are keeping their neighborhoods stocked with everyday goods through a digital ordering program that also creates a credit history, enabling access to micro-financing. And to India, where low-cost tap-on-phone acceptance and AI-powered onboarding for small merchants are meeting the momentum of the country’s rapid digitization.
We’ll talk to experts to tease out strategies for safely and smartly reopening, and how to fend off potential cyber criminals targeting small businesses as connectivity grows increasingly crucial. And from across the world, we’ll share stories of some of the 50 million micro and small business owners we are committed to putting on the pathway to financial security by bringing them into the digital economy by 2025, as well as those we are helping through our $250 million pledge to sustain Main Street, in the physical world and in the digital one.
Woven into each of these pieces is our deep appreciation for what small businesses mean to us personally. During lockdown, we discovered how much we cherish what small establishments bring to our lives — our streets felt strange and lonely without the hustle, and our days bereft of daily interactions with coffee baristas and pharmacists. The health of their businesses is intertwined with our own recovery. So let’s get started.
"If you look at your customers as community members first, they will have your back when you run into trouble."
Community development financial institutions have built the relationships that are helping the smallest businesses survive the pandemic – and are working to close the racial wealth gap.
Thailand’s digital payment service is helping small businesses provide their customers with safe and convenient ways to pay, digitize their accounting processes, and giving them with a means to access credit and grow.
The startup is bringing its intelligent lending platform to borrowers, mainly in construction, auto repair and farming, in Colombia, Peru and soon Mexico.
An expert with ecommerce platform BigCommerce reveals how small businesses pivoted to digital during the COVID-19 pandemic, what retail trends will last and how to prepare for the holiday shopping season.
In many countries, midwives remain an essential part of childbirth. A new program in Indonesia aims to bring them — and their clients — into the digital economy, transforming their business.
Innovative tech-powered partnerships are key to meeting today's challenges for Africa's microentrepreneurs.
To grow, a small business must stay focused on the big picture; to thrive, a large business must stay connected to its roots.
A partnership between Mastercard and Signzy reduces onboarding times and lowers costs, helping more small businesses benefit from the digital economy.
Like many microbusiness owners, farmers in remote communities in Africa struggle to sell their goods, keep their children in school and keep their families healthy. Technology that addresses these needs holistically can make a real difference.
Mastercard’s Commercial Products chief chats about our commitment to small businesses, how we’re helping them embrace digital solutions and the long-term outlook.
Hear from Amy Yeung, founder of Orenda Tribe in Albuquerque, New Mexico, on the importance of authenticity in building a new brand concept.
These solutions can help small businesses can quickly respond to evolving consumer demands.
Technology is making it easy and simple for microentrepreneurs to break free from a cash-only world.
New Zealand startup Aider has created a digital assistant to help small businesses better track data and deliver insights through AI.
Mastercard's Chief Experience Officer chats about small business, catalyzing change and his CX philosophy.
Cyber criminals are targeting small businesses that lack the time and knowledge to fortify their security, but resources are available to close that gap.
Start Small Think Big connects small businesses with free legal, financial and marketing advice. This month, Citi and Mastercard are helping boost its efforts.
Small businesses tend to have fewer liquid assets to provie them a buffer if things go wrong. Receiving proceeds in near-real time can help.
How one entrepreneur has got the shift to online shopping all sewn up.
Small businesses are among the most underserved Mastercard’s Alex Niejelow is helping empower small businesses with tools to protect themselves.
The contactless technology that consumers are embracing can also help small business quickly pivot to digital payments
When these businesses suffer, the nation suffers. And right now, they are amongst the hardest hit from the COVID-19 pandemic. Read blog by Michael Miebach.
In a weekly 60-second podcast, host Alissa Abdullah, PhD a.k.a. 'Dr Jay,' provides cyber tips, tricks and terms.
Small Business Stories
Our new video series showcasing Mastercard's commitment of $250,000,000 to SMEs around the world and how businesses are leveraging Mastercard's technology to meet today's Covid-19 challenges and tomorrow's opportunities ––featuring ideas and personal stories from the front lines including executives, thought leaders and everyday people making a difference.
Episode 1 - Porush Singh
With an estimated 65 – 70 million SMEs in India that contribute to 35% of the region’s GDP, Mastercard is making a commitment of $10MM (part of a $250MM commitment globally.) Division President for South Asia, Porush Singh explains how Mastercard’s variety of digital, security and payment solutions are being put to work to help small businesses at a time they need it most.
Episode 3 - Jess Turner
Small business is responsible for 47% of all U.S. jobs, so keeping this ecosystem running is critical during Covid-19 and beyond. Mastercard has committed $250MM to SME’s and is leaning in to support even further with innovative platforms like Digital Doors and Mastercard Send — helping businesses get secure, get digital and get paid.
Episode 2 - Fabrizio Burlando
Mastercard Data and Services is a key part of Mastercard’s commitment of $250MM to SMEs globally during Covid-19 and beyond. EVP, Advisors Consulting, Fabrizio Burlando speaks of his deep personal relationship with small business and how ShopOpenings.com’s real-time platform is helping customers connect with businesses in a timely and meaningful way.