Connecting SMEs to the digital economy to boost their growth – 2024-08-05 11:42:07

At Mastercard, supporting micro, small and medium-sized enterprises (MSMEs) is one of its highest priorities and it recognizes that, despite the challenges that limit their potential—including lack of access to financing and informality—they play a crucial role as drivers of employment, well-being and economic growth in the region.

This organization aims to enable all SMEs to compete globally and offer their customers the digital experiences they increasingly demand. A recent study by Mastercard, for example, revealed that 77% of respondents in Latin America and the Caribbean have used digital payment methods that reduce the need to carry cash, guarantee safer transactions and allow for a faster shopping experience.

For SMEs, responding to this change in consumer payment preferences is a necessity. Digitizing their businesses would not only guarantee better service to their customers, but would also make their processes more efficient—including the possibility of automating some financial tasks—, give them greater visibility over their finances and open up the opportunity to access payment platforms. crowdfunding and online loans that are more personalized and flexible to grow their businesses.

For this reason, Mastercard has developed a comprehensive package of financial products and solutions that address the most urgent needs of MSMEs:

Con Tap on PhoneFor example, customers can use their cell phones to receive contactless payments with credit cards, debit cards, digital wallets or any other NFC-enabled device. This way, they don’t need to invest in any additional devices to offer their customers a faster, safer and more convenient shopping experience.

Also, with the program Easy Savings Specialscan take advantage of discounts at more than 100 affiliated businesses that help them meet their needs, whether at the administrative, sales, inventory, finance, promotions and digital marketing levels, among others.

Finally, the organization’s partners and allies develop educational platforms that allow them to acquire the knowledge, resources and support networks they need to thrive in the digital economy.

Among these, for example, the Entrepreneur’s Odyssey stands out, a free online platform where you can watch pre-recorded videos from professors from prestigious universities such as Harvard and Wharton.

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Or MicroMentor, which allows them to connect with volunteer mentors around the world to learn best practices and leverage their experience to grow their businesses.

In short, Mastercard understands that digitalization is the key to empowering MSMEs and triggering their transformative impact in their communities, which is why it will continue to work hand in hand with its partners and allies, such as the Entre Jaguares program, to achieve this goal.

“Digitization is the key to empowering SMEs and unleashing their transformative impact in their communities.” Coral Sánchez, Director of Products and Solutions for SMEs at Mastercard Central America and the Caribbean.

Article by Coral Sánchez, Special for Prensa Libre. The executive is director of Products and Solutions for SMEs at Mastercard Central America and the Caribbean.