WASHINGTON, DC – The National Foreign Trade Council Foundation’s Global Innovation Forum (GIF) today released new polling conducted by Morning Consult that finds small and medium-sized businesses (SMBs) across the U.S., European Union, Canada, and Australia see digital payment systems as essential to their growth and competitiveness, but face barriers integrating them across markets.
The polling, conducted in partnership with Block, Inc, surveyed small business views of digital payment systems and technologies, revealing that digital tools have supported SMB cash flow, enhanced customer experience, and expanded access to global markets. However, complex regulatory requirements, interoperability gaps, and cross-border barriers continue to constrain their full potential.
“Businesses of all sizes rely on digital payment platforms to facilitate both local and cross-border transactions. In order to harness the economic potential of small businesses, policymakers and industry must focus on making digital payments simple, safe, and swift,” said NFTC Foundation President Demetrios Marantis.
Key findings from the poll include:
- More than half of small businesses cite faster transactions, improved cash flow and increased customer satisfaction as the biggest benefits of digital payments.
- In ‘Top 3’ rankings, credit & debit card networks ranked highest in both usage and importance (71%), followed by digital wallets & peer-to-peer payment platforms (53%) and mobile payment apps (45%).
- Most SMBs are already confident in their current digital payment systems, and believe further policy tweaks on security (88%) would help solidify their trust.
- SMBs say policymakers should focus on improving interoperability (46%) and streamlining compliance processes (43%) to make digital payments more accessible.
- Many SMBs emphasized that policymakers should increase protections against fraud and cyber threats (46%) to strengthen cross-border payment data management.
“Policy changes that promote the speed, flexibility, and simplicity of payments will be critical to helping small businesses grow and compete at the local and global level,” added GIF Executive Director Hua Wang.
Visit HERE for Morning Consult polling results.