How can Payment Systems professionals maintain motivation?

As a payment system professional and after having more than 5 years of experience in payments. I can say that the first thing you become an expert in is the prioritization of work, focusing on your work, always doing one task at a time, and delivering the requirements before the deadline, managing meetings, stakeholder relationships and there are several renowned courses available worldwide to keep you updated with the latest tools and technologies which helps you in your future goals and career prospects and that what I liked most about the payments role.

It is always important to understand the goals and move towards them. Purpose gives you the reason for the path you are on. When it comes to payment products, your motivation should always be to do better. This way, you can always keep your motivation high in line with your goal.

As Simon Sinek said, you should always start with why. Setting a top level strategy is the first step in the product management process and is critical to helping people at all levels of the organisation understand how their work contributes to the purpose of the organisation. Understanding purpose is a foundational part of motivating most (but not all) people.

There’s always more to learn when it comes to payments. The two main ways I learned was through reading/self-study and through direct mentorship. While it may not be conducive to every season of life, I found (particularly early in my career) that study after working hours allowed me to capitalise more on mentorship during business hours.

There were 2 key learnings from my time with PayPal in San Jose around motivation. 1. Measure your renewal to see if your “products” are still relevant to your customers. 2. Visit and talk with your customers to see what you can do to be more relevant to them.

Transformation of Cross-Border Remittances: Cryptocurrencies and stablecoins have revolutionized cross-border remittance services offered by PSPs. By harnessing these digital assets and blockchain technology, PSPs can facilitate near-instantaneous, low-cost remittance transactions. The ability to bypass traditional banking intermediaries enhances the speed and accessibility of fund transfers across borders, benefiting both senders and recipients.

In the Indian context, payment system professionals can enhance motivation by prioritizing positive relationships. This involves effective communication that respects cultural diversity. For example, acknowledging major festivals like Diwali or Holi and celebrating team achievements during these times can foster a sense of belonging. Staying updated on India's fintech landscape is crucial. Understanding and incorporating innovations like the (UPI) into daily operations show adaptability to local market demands. Setting goals that align with the government's initiatives, such as promoting digital payments, can provide a sense of purpose and motivation. Participating in local fintech events like "Fintegrate", GFF.

Building positive relationships can really help one to understand nuances of payments systems space that do not follow under your purview directly. For example taking out a marketing person on a coffee chat can help you with their perspective on why a particular feature is relevant or not and them being closer to the direct consumers can help forge a better understanding for you while building and developing the payments product.

Catalyzing Innovative Financial Services: The inclusion of cryptocurrencies, stablecoins, CBDCs, and tokenized assets empowers PSPs to introduce innovative financial products and services. From decentralized finance (DeFi) solutions to yield-generating products and asset-backed lending, PSPs can diversify their offerings to cater to a broad spectrum of user needs and preferences.

Taking breaks and rewarding yourself is important for maintaining productivity and well-being. Consider setting achievable goals and treating yourself to a break, a small treat, or an activity you enjoy once you've accomplished them. It helps maintain motivation and a healthy work-life balance.

Maintaining motivation in payment systems careers involves clarifying one's purpose, staying informed through continuous learning, building positive relationships for support, prioritizing well-being to avoid burnout, embracing challenges and industry changes with adaptability, and recognizing achievements through rewards, fostering sustained engagement and career success.

Cryptocurrencies' emergence significantly transforms Payment Service Providers (PSPs), reshaping their operations and offerings. The adoption of digital assets, including Bitcoin, Ethereum, stablecoins, and CBDCs, marks a pivotal shift in PSP services, impacting transactions in seven major ways. Embracing these assets enables PSPs to provide faster, more secure, and innovative financial solutions, catering to the digital world's demands. However, integrating these assets necessitates navigating regulations and fostering user awareness of associated risks and benefits. Despite challenges, PSPs stand at the forefront, shaping the future of finance and payment services as the crypto ecosystem matures.