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Small Business
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.
related Stories
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.
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