MSMEs plan to invest in payment options to build digital trust: PayPal Survey

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Credit and finance for MSMEs: 52% of respondents claimed to have favored Covid in terms of improved delivery options, better transaction options, increased cross-border trade, increased offers, and more online customers.

Credit and Finance for MSMEs: Digital Payment Processor In a survey of 250 MSMEs in India launched by PayPal on Wednesday, 98 percent said they plan to invest in more payment options to build customer trust on their platforms.

This includes digital payments and cards. In addition, 38 percent said they plan to invest to improve their checkout and payment experience. The online survey was conducted from October 6 to November 3, 2021, before Omicron arrived in India.

MSMEs with/without PayPal customers have a turnover of `5 crores to` 250 crores, including services (36 percent), manufacturing (28 percent), and retail & hospitality (16). Percent).

“Digital trust is more important. As MSMEs travel internationally and online, they look at certain things from a single payment platform – It should bring some credibility and credibility to their website, and what more can that platform do for them than the traditional way of accepting traditional payments such as select card, bank account, points, buy now and pay later.

MSMEs, therefore, expect such options from global payment platforms. In addition, the speed of payment, quick access to their money, and control of fraud are equally important to them,” said Nath Parameswaran, Director, Corporate Affairs, PayPal India.

The survey reported that 52 percent favoured Covid for the best delivery options available, the best deal options, increased cross-border sales, increased offers, and more online customers.

Covid reported a 36 percent negative impact due to supply chain problems, challenges in logistics, and declining demand. The remaining 12 percent claimed zero impact.

In addition, two-thirds of respondents said they use social media as a sales channel. Own e-commerce websites, company-owned apps, third-party e-commerce platforms, and marketplaces were the digital channels currently used by MSMEs.

In fact, 49 percent said they would like to develop or develop their website or app, while 48 percent said they have no plans to develop their e-commerce channels and 22 percent do not currently use such platforms.

The survey reported that nine out of 10 businesses have grown through cross-border trade during the epidemic period and will expand or explore cross-border trade within the next 12 months.

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