News

Small Businesses Survey Predicts Economic Recovery This Year

23 Mar 2021

VISA, the leading credit card issuer, has conducted a survey on the opinions of small business owners in Egypt regarding economic recovery from Covid.

The study found that 72% of small businesses are optimistic about the recovery of their business from the adverse economic effects of Covid, crediting the rapid adoption of digital solutions in Egypt. The study also found that 50% of small business owners perceive digital payments as a key investment in the economic recovery, and 46% of the businesses surveyed said that their customers preferred digital payments over other payment methods.

Some of the key findings of the study are that there has been a:

  • 92% increase in the use of contactless payments
  • 73% increase in takeaway orders
  • 75% increase in home delivery

Other findings of the study were that, of the small businesses surveyed:

  • 24% of those that don’t already have an online presence plan to establish one
  • 40% plan to offer digital prepayment and contactless payment methods
  • 50% perceive the establishment of digital payments as a good investment
  • 44% of those that only offer cash payment plan to acquire POS terminals within two years
  • 88% expect that e-commerce will continue to grow in Egypt

(Source: VISA Middle East)

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