75% of Ukrainian SMEs report revenue growth after adopting digital payments – new Visa research
- Digital payments growing rapidly: 58% of SMBs surveyed in Ukraine began accepting digital payments within the last two years, indicating swift market evolution
- Future investment: Over 80% of SMEs that only accept cash plan to install a POS system, and three-quarters of those who have already discovered digital payments believe that their revenue and footfall has grown since adoption
KYIV, 10 April 2025: Visa (NYSE: V), a global leader in digital payments, today announced the findings of the research into current digital payment acceptance landscape and their benefits for Ukrainian SMEs, ‘Value of Acceptance.’
The study highlights that most of both merchants and customers express a preference for digital payment methods over traditional cash transactions. In recent years, the expansion of the payment acceptance network has been particularly rapid, as 58% of SMBs surveyed have begun accepting digital payments within just the last two years.
Furthermore, half of digital payment acceptors recognize digital payments as a crucial instrument for their future growth and expansion. This opinion is shared by those who have not yet discovered cashless payments, as over 80% of SMEs that accept only cash plan to install a POS system in the future.
“The ‘Value of Acceptance’ research provides valuable insights into the current state of digital payments in Ukraine. The clear trend towards digital acceptance presents exciting opportunities for businesses, consumers, and the economy as a whole,” said Visa Vice President, Country Manager for Ukraine Tetiana Chorna. “In a rapidly changing world, it is important for businesses to be flexible and implement innovative financial solutions. Visa is committed to supporting businesses in Ukraine as they navigate the evolving payments landscape. We are proud to partner with Ukrainian SMBs, providing them with modern tools, resources and knowledge they need to thrive in the digital economy.”
Growing Digital Payments Momentum
According to the research, merchants associate digital payments, particularly card payments, with efficiency, minimizing payment errors, reducing waiting times, and shortening queues. This positive perception is reflected in preferred payment methods, with 56% of merchants and 53% of customers preferring card payments. The decline in cash usage among customers further reinforces the trend towards digital payments, as 83% of merchants who only accept cash report losing transaction due to customers not carrying cash.
The benefits of accepting digital payments are clear. Three-quarters of surveyed digital payment acceptors note increased revenue and footfall. Over half found point-of-sale (POS) onboarding easy, and 85% of cash-only SMBs plan to acquire POS terminals within two years. Increased awareness about how easy it is to start accepting digital payments could further accelerate this transition.
While fraud concerns exist across all payment channels, they are more prevalent with cash. Encouragingly, 41% of merchants report decreased fraud concerns related to card transactions after starting to accept digital payments, proving the security and efficiency of digital methods.
Future Intent for Digital Payment Technology
The research reveals a strong interest in digital payment technologies among Ukrainian SMBs, with more than half of digital payment acceptors and three-quarters of cash-only SMEs expressing intentions to invest in new payments technologies in the future.
Merchants expect ideas and solutions from payment providers in areas such as loyalty payment programs, tips and resources on enhancing payment security, and the implementation of more efficient and secure business-to-business (B2B) payment solutions.
Merchants are increasingly focusing on security, convenience, and efficiency. The top three most popular value-added services that both digital payment acceptors and cash-only SMEs wish to avail in the next year are solutions that provide instant transaction processing, increased customer convenience, and enhanced fraud protection.
Presence on E-commerce Platforms
Ukrainian e-commerce shows strong digital payment integration, with 93% of online merchants offering online payment options, and 60% adopting digital payment integration in the last two years. 74% of merchants also accept payments via social media, reflecting the flexibility and adaptability of Ukrainian small businesses, which are embracing diverse digital channels.
Visa: A Reliable Partner in Driving Digital Payment Adoption
Visa is uniquely positioned to support Ukraine’s transition to a more digital economy. As a trusted advisor and partner, Visa helps governments, financial institutions, businesses, and technology providers enhance their digital payment acceptance maturity.
In Ukraine, Visa offers a range of solutions that allow merchants to easily and cost-effectively start accepting digital payments. Among them is Visa Tap to Phone technology, which turns Android and iOS smartphones equipped with an NFC chip into full-fledged payment terminals, eliminating the need to install a cumbersome POS system.
Online sellers also can connect to Visa Click to Pay, which is revolutionizing e-commerce by eliminating the need to manually enter card details when making a purchase. Click to Pay helps reduce cart abandonment, increase customer conversion and strengthen consumer confidence in shopping without additional operational costs.
In addition, Visa offers the Visa Direct platform, a single access point that connects the user's card and a whole network of payees. The platform supports both P2P and account-to-account transfers, trade settlements and refunds, as well as the Visa Request to Pay feature, which allows you to send a payment request to a person on your contact list, and will become indispensable for Ukrainian entrepreneurs seeking to scale in international markets.
The Value of Acceptance study was conducted by the analytical center 4SiGHT Research & Analytics in October 2024 in Ukraine via online interviews with 302 respondents. The sample included store owners and managers who are key decision makers with respect to day-to-day business decisions. The target group consisted of representatives of nano, micro and small businesses.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at visa.com.ua.