What are the best career advancement opportunities for professionals in payment systems?

My advice is simple--always be willing to help and never turn down an opportunity to do something new--regardless of the function or level. I started my payments career in 1990--around the time the earth cooled in payments' years--and since that time, I think I've worked in, or closely with, almost every department across both large and small payments firms. For me, this has enriched not only my knowledge of the ecosystem (which is essential in payments), but it has also helped me understand the priorities of other people and functions in this space. Above all, it has made the last 30+ years fun, and exciting while building terrific friendships along the way.

In the ever-evolving payments space, it's essential to maintain a growth mindset and keep a watchful eye on the industry's dynamic shifts. One key aspect of skill development is to broaden our understanding of payments beyond the confines of a single industry, customer set, or payment type. Embracing this holistic approach allows us to navigate the intricacies of the payment landscape, adapt to emerging trends, and seize opportunities for innovation. Stay curious, stay agile, and continue to learn, for the world of payments is a canvas of endless possibilities. ???? #PaymentInnovation #Fintech #ContinuousLearning

Earning certifications from the relevant governing bodies in various payment disciplines enhances credibility, deepens one's knowledge, and fosters valuable connections within the industry.

What should you learn? Simply learn the beginning to end payment process flows. From the time your client or customer starts a payment or a purchase to the time the payment actually reaches the sellers or receiver’s bank account. Learn each process along the way whether it is a debit card, credit card, ACH, USD Clearing, or a real time payment. Make it simple. Work to eliminate all potential errors before they happen, rather than investing all your time and effort responding to after the fact customer service inquiries. Accept responsibility for all internal and external areas that touch your product. Know your product delivery costs and risks transaction by transaction. If you know the above, learning everything else is easier.

Payments world is pretty crowded space at this point of time . We have legacy systems both from technical and process point of view . We have new innovations from fintech's and there are innovations leading to disruptions . There are new variants of payments channels which are coming every other day . Underlying payments workflow remains more or less remain same but channels and processing keeps changing . Its imeprative to understand basics of payments and then keep mapping those to any new workflows that come in play . Any one having mastered these will be able to adapt to any new curve balls thrown at them

With the rise of Instant Payments there is is rise in product development and technical/techno-functional project management roles. Almost entire operations is automated and therefore compliance and risk management closely work with Product Management for end-to-end integrated planning and development of product and processes to be handled through technology. There is a rising demand for Customer Service Manager who may need to have much higher understanding of technology for any customer issues and trouble-shooting.

Providing consulting or advisory services in the field of payment systems allows professionals to offer specialized expertise and guidance to businesses, organizations, and government agencies seeking to optimize their payment infrastructures, implement best practices, and navigate complex industry challenges and trends.

Learning from other sectors outside of payments will provide a different perspective and bring learnings in from sectors which are often more advanced than the payments industry. People wishing to progress in this sector should also look to other geographical locations both emerging markets and developed markets to unearth how those markets have synergies both in terms of opportunities and challenges and how they apply to where you are operating.

opportunity to Engage in academic research, teaching, or contributing to industry publications and thought leadership initiatives enables professionals to share their knowledge, conduct in-depth research, and contribute to the advancement of payment system technologies, policies, and best practices within the academic and research community.

Payment systems are built around various products and services. Advancing in product management can be rewarding, as you work on developing new payment solutions or improving existing ones.

Don't be afraid of innovation and technology as this is helping speed up acceleration of better customer service and in turn is helping organisations increase revenue. Customers expect a full frictionless experience across all platforms and choice. Brands who lead the field with digital wallets, real-time payments and intuitive mobile banking will be the winners. People working in the payments sector need to embrace technology advances and work to identify how they can predict what customers will want before they even know it.

The Power of Analytics In payments, collecting money efficiently is the goal, but what defines "best" can be elusive. Strong analytics are key to answering vital questions: Revenue Trends: Monitor and analyze revenue changes. Conversion Rates: Optimize them with data-driven insights. Fraud Control: Maintain optimal fraud levels, find the best balance. Cost-Effective Options: Assess payment methods for efficiency. Payment Expansion: Explore new local options for growth. PSP Performance: Evaluate Payment Service Providers. Collaboration and data-driven insights are vital. These skills are the foundation for success in payments, helping professionals make informed decisions in a dynamic industry.

The payment industry generates vast amounts of data. Professionals skilled in data analysis and data science are in high demand to help organizations make data-driven decisions, detect fraud, and optimize payment processes.

As payment systems are vulnerable to fraud and cyberattacks, careers in cybersecurity and fraud prevention are vital. This area offers excellent growth prospects as security threats continue to evolve.

Be curious. Stay curious. Learn from others, and learn from outside your immediate ecosystems. Look to other regions for inspiration.

The payments industry is fast moving with technology advancements at the heart of it. Those who are curious, understand different levels of digital adoption across markets and broader business value will naturally have that competitive advantage ahead of their colleagues.

In the fast-paced fintech sector, my key strategy for success revolves around continuous improvement through benchmarking and in-depth exploration of competitors' systems and APIs. With a diverse array of fintech accounts at my disposal, my goal is to absorb valuable insights and ultimately deliver unparalleled user experiences by leveraging the best practices in the industry.

Maybe more aligned with Value Creation, in Payment consulting many of the skills already mentioned are relevant, like data analytics and data science, understanding trends and identifying best practices. However with so much information and layers of payment data, we need to be mindful of other consulting skills that help us be more effective in bringing payments innovation and other UX improvements. For example, dealing effectively with imperfect data, funneling data and focusing on here-and-now decision making are skills that go beyond hard technical skills. We should also invest in projects and experiences that enhance these learnings.