Our goal in promoting digital equity is to reach the point at which all individuals and businesses can participate in and receive the benefits of using digital payments.
Our vision of digital equity and inclusion
The current landscape: Financial inclusion remains a challenge
Our research has shown that during the pandemic, the individuals and small businesses that were able to access and use digital technology and make digital payments have weathered the crisis better than others.
However, significant barriers still prevent some businesses and individuals from receiving the full benefits of simple and secure digital payments.
The foundations
In evaluating the policies that can contribute to our goal of financial inclusion for all, it’s essential to understand two terms: enablement and ecosystem.
Enablement
Enablement refers to giving someone the authority or means to do something. It can be knowledge, a new skill, resources, or any combination of these that can lead to equity in opportunity.
Ecosystem
Ecosystem refers to the infrastructure, human networks, governance frameworks, and ownership structures that interact in today’s hyperconnected digital world.
Read our papers on fostering digital inclusion
Minority Depository Institutions (MDIs): Examining their support for low-income homeowners and the implications for underserved communities
MDIs are unique banks and credit unions that provide financial services to many underserved communities. In this paper, we leverage data on over 400,000 Visa credit cardholders to explore homeownership rates among MDI and non-MDI customers, finding that low-income individuals served by MDIs are more likely to own a home than those served by non-MDIs. Moreover, we find that this gap in homeownership is wider among Black and Hispanic Americans. (Our findings among Black Americans are summarized in this supplemental infographic.) By helping their customers to purchase and retain homes, MDIs provide opportunities for their customers to build wealth, maintain financial stability, and pass additional benefits along to their families and communities.
How digital healthcare payments can drive access and affordability in Nigeria
This paper examines the potential for digital payments to help address healthcare affordability and access constraints in Nigeria and outlines five steps to drive benefits for patients, providers, and government stakeholders across the sector.
APEC micro and small enterprises: Digitizing toward a resilient and sustainable future
VEEI surveyed more than 5,000 firms in nine APEC economies in a quest to assess the performance of micro and small enterprises over the past few years, identify contributors to their success, and pinpoint areas where they require assistance. This study gave us ample reason to be optimistic, and we hope that it provides useful insights for the public and private sectors as they work together to craft a sound ecosystem for small business success.
A shared-technology model to address MDIs’ digital needs
Minority Depository Institutions (MDIs) have long maintained a unique position in the financial services industry as the institutions that understand and can serve their communities better than any other financial institution segment. Recent financial shock has increased the challenges these important institutions are already facing. In this paper we assess recent trends in an important sector of US community banks and propose some collective actions solutions for enhancing their competitiveness.
Closing gaps in the digital ecosystem: How leaders in the public and private sectors can partner to build trust and advance people’s skills
During the past five years, increased participation in the digital economy has fueled improvements to incomes, livelihoods, and well-being. This note provides guidelines for what like-minded stakeholders in the public and private sector can do together to drive equitable participation in the digital economy amidst rapid technological advancement.
Building an inclusive, equitable digital economy
A framework for digital equity and inclusion through opportunity, skills and trust.
Digital, diverse, and going global: A new dawn for women-led firms
This paper explores the factors that contribute to the success of women-led firms, and offers policymakers a set of recommendations to help them grow.
Transforming for global reach: Small business in the UK
This paper explores the results of a survey of businesses in the United Kingdom (UK) and finds that digital capabilities—in terms of payments, access to online marketplaces, and cross-border reach—are key to small business recovery and resilience.
Demystifying cyber supply chain security and zero trust architecture for small businesses
This paper describes how small businesses can implement an effective cyber supply chain risk management system and offers a set of actionable steps that small firms can take to protect their supply chains and customers as they do business in the digital age.
Dubai MSMEs: Digital and resilient
VEEI and the Dubai Department of Economy and Tourism surveyed businesses in Dubai and found that digital capabilities are key to small business recovery and resilience. The paper offers recommendations to further promote and empower micro, small, and medium enterprises (MSMEs), which are a key pillar of Dubai’s economy.
Towards digital equity: Empowering Black and Brown-owned banks
Visa’s contribution to the e-Book, Future-Proofing Inclusion: Technology Proposals for CDFIs and MDIs, presented at the fifth annual DC Fintech Week in October 2021 shows that scaling financial products offered by MDIs will help to serve an even greater number of people in underrepresented communities.
Helping the hardest hit: Recovery and resilience for small business in the U.S.
Small businesses, particularly the startups that were born of adversity and opportunity during the pandemic, have benefited from digitization. We recommend three steps for policymakers to help them thrive.
New strategies for the digitization of micro and small businesses
A new vision for digitizing micro and small businesses must be multi-layered, ongoing, and involve numerous stakeholders from business owners to employees to vendors and suppliers.
Policy enablers for advancing digital identity frameworks: Insights and recommendations for public and private sectors
Digital identification that is inclusive and equitable for everyone, everywhere is a common good. It benefits people, businesses, governments, and numerous other entities including education and health systems.
Let’s talk about how we talk about interoperability
Using common goals and metrics for technical, network, and regulatory interoperability is an essential next step toward the ultimate goal of a more equitable and inclusive payment system.
Unlocking the benefits of digital payments for micro and small businesses: Insights from Mexico
A survey of small business owners in Mexico demonstrates that being connected to digital payments and commerce increases small business resilience and growth.
Small business in the digital age: Recommendations for recovery and resilience
A survey of small businesses in Brazil, Colombia, Malaysia, the Philippines, and South Africa found that embracing digital and cross-border capabilities helped them to better weather the pandemic.
Supporting social equity by boosting small businesses: What economic history can teach us
Helping Black-owned businesses to survive, recover, and thrive has never been more important—and it makes economic and business sense.
Keeping the lights on for small businesses: Safeguarding the payments ecosystem during the pandemic
The increase of digital commerce has also increased the opportunities for cyber criminals, but there are practical steps that small businesses can take to mitigate the risks.
Expanding opportunities through enhanced equity
Two foundational elements—“enablement” and “ecosystems”—interact to affect how people, small businesses, and communities use and benefit from digital payments and technology.