Visa has announced the launch of a new report, ‘Value of Acceptance: Understanding the Digital Payment Landscape in Kenya,’ which reveals growth opportunities for digital payments, particularly among small and medium-sized enterprises (SMEs).
The report highlights a thriving digital payments ecosystem in Kenya, with 84% of surveyed SMEs recognizing that investing in payments technologies is crucial to drive business growth. This positive outlook is reinforced by the fact that 68% of SMEs currently accepting digital payments plan to invest further in payment technologies, including contactless solutions.
The report underscores a compelling opportunity to transition cash-only SMEs to digital payments by promoting their benefits. Currently, 56% of surveyed cash-only SMEs report losing business due to customers not carrying cash, while 91% facing cash-related security concerns such as robbery and employee embezzlement. Combined, these challenges highlight the potential of secure, convenient, and transparent digital payments.
While cash remains a familiar payment method, the study reveals the advantages of card payments including increased convenience for customers, simplified accounting and sales management, enhanced business reputation, valuable insights into spending habits, and support for multi-currency processing.
