Paysafe is a payments platform serving specialized industries such as i-gaming, crypto, travel and e-commerce. With increased consumer demand for alternative payment methods, further fueled by shifting post-Covid payment habits, Paysafe helps businesses offer multiple payment options at checkout via a single integration and payment API.
Here we talk to Roy astonCOO of Paysafe who joined the company in 2019. In conversation with The fintech timesshares Aston’s thoughts on the challenges and opportunities facing the fintech industry today and how the company’s recent move to the cloud has benefited the company and its customers.
What has been the traditional corporate response to FinTech innovation at the national level?
Innovations in the payments industry have historically been about automating manual processes and trying to incorporate digital innovations into existing mainstream payment methods.
Traditional financial services companies like banks have so much legacy technology that much of their innovation effort has had to go into modernizing their core services to keep up with emerging digital trends. In many areas, we have seen companies working hard to innovate at the customer experience level, while the back-end systems are old and very complex.
How has that changed in recent years?
In recent years we have seen the rise of fintechs: companies that have been able to start with a clean slate and make their services customer-centric and create digital-first solutions that deliver an experience that consumers love today both demanding and expecting. This has undoubtedly begun to pressure traditional incumbents to respond and do something similar. This has fueled the M&A trend in the fintech industry and the resulting launches of new solutions.
We’ve also seen an increase in access to various payment methods. Merchants have realized that there are more ways consumers can and want to pay now, especially since early 2020 and the outbreak of Covid. Financial services companies have had to react and adapt to ensure they can offer as many possible payment methods as possible to help merchants service their business.
Also, demand for talent in payments and fintech is at an all-time high, and we see that the ability to attract talent globally has a different dynamic now as individuals prove they can work in a more remote environment. It’s about accessing talent, but now also about retaining it to work on transformational initiatives that are becoming increasingly important.
Is there something that created a culture of change within Paysafe?
We are a digital company at heart, so we have to be very focused on putting the customer first. Our focus has been on rapidly adopting competitive digital solutions and accelerating the delivery of these services to our merchants and customers so we can keep up with the global trend of rapid innovation. As a company, we are constantly reviewing where we have opportunities for partnerships and acquisitions. Our three recent acquisitions, from viafintech, Secure payment and PagoEfectivohave led us to focus on how to adapt and expand our recent growth in the Latin American market, for example.
Which fintech ideas have been implemented at Paysafe?
We are constantly looking for new initiatives to support the growth of our business and that of our partners. One of our key recent innovations is the adoption and adoption of our single payment API, which has enabled us to modernize our technology architecture to bring together the global payment methods we offer, including card payments, instant bank transfers, digital wallets, and online cash solutions through third-party solutions a single integration that enables merchants to use and offer multiple payment methods.
The other must be the recent conversion of our payments platform to cloud-native, which was completed at the beginning of Q4 2021. This has enabled us to make changes faster, increase resilience, and focus less on core infrastructure and more on adding value to our business.
What benefits have these brought?
Our new innovations benefit consumers by giving them more ways to checkout and more choice. They have also helped merchants by increasing conversion rates as they can now support multiple payment types in multiple regions and offer alternative payment methods where traditional methods like cards may have had lower acceptance rates.
For Paysafe, they help us grow and scale more efficiently. For our digital wallet operations alone, our migration to the cloud has reduced the deployment time of our new platform by approximately 80 percent.
Do you see further challenges for the industry on the horizon?
Crypto, Web 3.0 and the Metaverse offer significant opportunities. Without a doubt, this will be the future of payments as more consumers and merchants embrace digital currencies as a de facto form of payment.
Those companies that can help drive crypto adoption and improve user experience will almost certainly be at the forefront of the next payments revolution, and those that will bridge the existing and new world of payments and alongside solutions for the internet can also offer more traditional fintech services 3.0 world will undoubtedly win.
Can these challenges be supported by fintech?
Typically, fintech is all about modern technology and the ability to scale and adapt. Fintech is all about consumer-centric user experiences and digital platforms. Staying true to this core ethos and using this approach will be key to successfully simplifying crypto payments for mass adoption.
This is undoubtedly one of the most exciting times in payments. There is simply no slowing down of growth. We have seen in the last two years that there is a lot of work for companies to digitize their businesses and make online payments more accessible.
We are also on the cusp of the new crypto payments revolution that will bring another set of payment methods to both consumers and merchants. Those fintech companies that can adapt and transform the fastest are most likely to win.