23 JUNE 2020: RFi Group has today released unique data revealing significant shifts and changes in global SME payments.

Key Findings

  • 9 in 10 SMEs globally plan to make changes to the way their business makes and receives payments as a direct result of Covid 19
  • 1 in 5 will shift spend from personal to business cards
  • 1 in 3 will make changes to the way the business accepts payments
  • 1 in 5 will look to increase use of virtual cards in the business
  • 1 in 5 will explore new business cards as a way of supporting cashflow and 1 in 4 will also look to explore other alternative lending options

According to the latest data, 40% of SMEs globally have now used a FinTech provider, with overall awareness of FinTechs having increased significantly.

The research indicates not only substantial changes in the way SMEs make and receive payments, but also reveals the type of providers they will choose to use in the new normal and the drivers behind that choice. The substantial shifts create huge opportunity for both traditional and digital players, as well as the global card scheme networks.

RFi Group’s founder and CEO Charles Green said; "While we have seen many changes, both small and substantial, related to consumer behaviour across the globe, these small business changes are much more significant. Small businesses represent 90% of all global businesses and are at the very heart of the pandemic."

He continued; "On one hand there’s a huge opportunity for the new players and digital challengers; speed, convenience and ease of use are all important in choice of payment method and choice of provider - and notably, the appetite for digital solutions has increased. On the other hand, trust and security are the most important drivers in banking and payments and the traditional banks and the card schemes are both ranked highest for trust, with trust in them continuing to increase further, even during the pandemic."

It’s the most sizable swing noted in RFi Group’s series of Global New Normal reports.

The financial insights are based on interviews with 36,000 consumers, 18,000 businesses and 4,000 merchants in April and May of 2020 as the height of the pandemic unfolded. The markets covered include Australia, Canada, Hong Kong SAR, India, Indonesia, Japan, Mainland China, Malaysia, Mexico, Singapore, UAE, the UK and the USA; allowing for a deep and thorough cross-section of results.

RFi is available for immediate comment.

For Media Interviews please contact:
Chloe James
Group Director of Media & Communications
RFi Group
cjames@rfigroup.com
+1 437 221 4905

For more on this research - please follow this link.

RFi Group is a global data-driven insights provider exclusively focused on financial services. We specialise in data and information gathering, customer-based insight generation and business decision support for the world’s leading financial service providers, as well as challengers, disruptive market participants and companies aligned to the FS sector. We combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service. ​Covering 48 key global markets, with regional offices in Toronto, London, Singapore and Sydney RFi Group consistently provides clients with tailored advice and insights relevant to their specific market and business needs.