Our goal in promoting digital equity is to reach the point at which all individuals and businesses can participate in and receive the benefits of using digital payments.
The current landscape: Financial inclusion remains a challenge
Our research has shown that during the pandemic, the individuals and small businesses that were able to access and use digital technology and make digital payments have weathered the crisis better than others.
However, significant barriers still prevent some businesses and individuals from receiving the full benefits of simple and secure digital payments.
The foundations
In evaluating the policies that can contribute to our goal of financial inclusion for all, it’s essential to understand two terms: enablement and ecosystem.
Enablement
Enablement refers to giving someone the authority or means to do something. It can be knowledge, a new skill, resources, or any combination of these that can lead to equity in opportunity.
Ecosystem
Ecosystem refers to the infrastructure, human networks, governance frameworks, and ownership structures that interact in today’s hyperconnected digital world.
Towards digital equity: Empowering Black and Brown-owned banks
Visa’s contribution to the e-Book, Future-Proofing Inclusion: Technology Proposals for CDFIs and MDIs, presented at the fifth annual DC Fintech Week in October 2021 shows that scaling financial products offered by MDIs will help to serve an even greater number of people in underrepresented communities.
Helping the hardest hit: Recovery and resilience for small business in the U.S.
Small businesses, particularly the startups that were born of adversity and opportunity during the pandemic, have benefited from digitization. We recommend three steps for policymakers to help them thrive.
New strategies for the digitization of micro and small businesses
A new vision for digitizing micro and small businesses must be multi-layered, ongoing, and involve numerous stakeholders from business owners to employees to vendors and suppliers.
Policy enablers for advancing digital identity frameworks: Insights and recommendations for public and private sectors
Digital identification that is inclusive and equitable for everyone, everywhere is a common good. It benefits people, businesses, governments, and numerous other entities including education and health systems.
Let’s talk about how we talk about interoperability
Using common goals and metrics for technical, network, and regulatory interoperability is an essential next step toward the ultimate goal of a more equitable and inclusive payment system.
Unlocking the benefits of digital payments for micro and small businesses: Insights from Mexico
A survey of small business owners in Mexico demonstrates that being connected to digital payments and commerce increases small business resilience and growth.
Small business in the digital age: Recommendations for recovery and resilience
A survey of small businesses in Brazil, Colombia, Malaysia, the Philippines, and South Africa found that embracing digital and cross-border capabilities helped them to better weather the pandemic.
Supporting social equity by boosting small businesses: What economic history can teach us
Helping Black-owned businesses to survive, recover, and thrive has never been more important—and it makes economic and business sense.
Keeping the lights on for small businesses: Safeguarding the payments ecosystem during the pandemic
The increase of digital commerce has also increased the opportunities for cyber criminals, but there are practical steps that small businesses can take to mitigate the risks.
Expanding opportunities through enhanced equity
Two foundational elements—“enablement” and “ecosystems”—interact to affect how people, small businesses, and communities use and benefit from digital payments and technology.
Get in touch
Please reach out and connect with us on our research. We look forward to hearing from you.
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