The World Bank has selected the tool CaixaBank Social Commerce as an example of projects that have helped companies during the crisis of coronavirus. In total, there have been more than 1,560 downloads of the application, hired by more than 800 businesses that have formalized more than 2,350 ads to sell ‘online’.
The medium ticket The transactions through this technological solution is about 70 euros (69.72) and one of the most demanded functions is that of payment by WhatsApp.
The World Bank has also supported other initiatives launched by various financial institutions such as Singapore’s DBS Bank or Alibaba’s Paypal and Ant Financial payment platforms.
This is reflected in the third weekly update by SME Finance Forum, the international network belonging to the World Bank that works to expand financing to small and medium businesses, which has analyzed the actions of governments, companies, platforms and banking entities in their effort to help the small businessman during this crisis.
Among the e-commerce solutions selected by the agency is the technological solution that the Spanish entity launched in late March, through which freelancers can manage purchases directly through social networks and messaging applications, without having to have than developing your own website or a digital store.
In this way, it facilitates commerce that can make sales from offers launched on their Facebook, Twitter, Instagram, WhatsApp or Telegram profiles, among others.
Commerce through social networks is an option that has been growing in recent times, linked to the growth of ‘online’ consumption. According to data from the consulting firm Nielsen, more than a million homes have made online purchases since the confinement was decreed.
«I am very happy, Social Commerce has a very simple operation, it is very easy to understand. The truth is that it works very well and is very intuitive for payments through social networks. As clients have told me, they are also satisfied, “says Gloria Donoso, an artisan in charge of a florist and haberdashery business in Guadalajara.
Other selected initiatives
Together with CaixaBank, the SME Finance Forum highlights other examples of actions for the benefit of companies During the coronavirus crisis, including those of the DBS Bank of Singapore, the Ant Financial platform, of the Alibaba group and considered as the largest fintech in the world, those of PayPal and other international financial and technology companies such as Opportunity Network, Temenos , OakNorth, Appian, Ebury or Satispay.
Regarding the BDS Bank of Singapore, he underlines the rapid introduction of measures in collaboration with the Government of Singapore, including digital loans, the extension and improvement of insurance coverage, as well as programs to improve digital skills. The bank has accelerated its processes to make loans available in two days and has simplified documentation requirements.
Regarding Ant Financial, the World Bank highlights that it designed a three-stage plan that consisted of providing financial assistance, launching a special loan program to facilitate access to credit and, finally, launching a campaign to support China 10 million SMEs, freelancers and also farmers in their digital transformation.
Alibaba’s payment platform, aware of the role of SMEs in the Chinese economy, which account for 60% of GDP and 80% of jobs, has also formed alliances with financial institutions and local governments to expand unsecured loans to small and medium-sized companies.
PayPal, meanwhile, has helped more than 24 million merchants, according to the World Bank forum, which highlights its commitment to the elimination of some of its fees (those of chargeback or to withdraw funds from a commercial account immediately ) and that has made it easier for small and medium-sized companies to access their tools and products.
Regarding governments, the SME Finance Forum emphasizes the initiatives of the German executive, with aid packages for freelancers and SMEs dedicated to the cultural sector, or those of the Swiss government, to help the small businessman.