We all know that the PayTech industry is reshaping how we engage with money daily. Yet, as the world spins, we’re faced with the stark reality: the representation of women in PayTech is far from where it needs to be.
This is where we come in. Welcome to payabl.'s conversation starter for International Women's Day: "The PayTech Working Woman - A Toolkit for Entering the Industry." We're here to simplify your entry into the PayTech industry, giving you ladies the knowledge, tools, and confidence to slay in the sector.
Understanding PayTech
First things first, let's explain how PayTech sits within the larger FinTech universe, shall we? At its heart, PayTech is the evolution driver (sorry Darwin) of how money moves around the globe. It's the magic behind your seamless online transactions, the mobile payments that make shopping so easy, and the cutting-edge security making sure your data stays safe and sound.
Now, global digital payments volume is skyrocketing, expected to hit a whopping $8.49 trillion by 2025, according to a Statista report. PayTech is transforming not just how we buy our morning coffee but reshaping global commerce itself. It breaks down barriers, making financial services accessible to previously underserved communities, and enables the seamless flow of transactions across borders.
Whether you're paying a bill, shopping online, or managing your finances, PayTech is making it happen, smoothly and securely. And as this industry continues to grow and evolve, the need for diverse, innovative minds has never been greater. After all, it's the diversity of thought that fuels the fire of innovation.
The Current Landscape for Women in PayTech
It's no secret that the tech world, PayTech included, has its work cut out in balancing the gender scales. Despite the critical strides toward equality, women remain underrepresented, particularly in the tech-heavy corners of the finance world.
Peeking into the stats, the scenario unfolds with clarity. As per a recent report by Deloitte, women constitute about 30% of the fintech workforce, with the numbers thinning out further as we climb the corporate ladder. This disparity isn't just a numbers game; it's a mirror reflecting the broader hurdles women face in tech – from bias and unequal growth opportunities to a glaring pay gap.
Yet, it's not all gloom. The narrative of women in PayTech is also one of resilience, innovation, and leadership. Revolutionaries are carving paths, setting up businesses, and leading teams that drive the sector forward. Their success stories aren't just inspiring; they're a call for more women to join the movement and for the industry to support their ascent.
The importance of diversity in fostering innovation cannot be overstated. A mosaic of perspectives enriches problem-solving and creativity, elements vital for the PayTech sector's growth. Companies leading the charge in diversity are crafting ecosystems where innovation thrives, directly impacting their bottom line and industry innovation at large.
To young women eyeing PayTech, the message is clear: your talent, your perspective, and your innovation are invaluable. The road may have its bumps, but the impact you can make is monumental. As we spotlight women's successes and address the challenges head-on, the goal is to transform PayTech into an industry where women don't just participate but lead and thrive.
Building Your Foundation
Let's get you set up.
Education and Skills Development
In the age of information, there’s obviously a ton of PayTech courses, certifications, and degrees designed to arm you with the latest in financial technology. Platforms like Coursera, edX, and LinkedIn Learning are your go-to online campuses, offering everything from blockchain essentials to cybersecurity and digital payments.
Just FYI, fintech course enrollments saw a jump of 33% in 2020 on Coursera, signalling the skyrocketing interest and the sector's booming demand for savvy professionals.
Understanding the Market
Staying ahead of the curve is non-negotiable. This means keeping your ear to the ground and eyes on the prize by following leading industry news sources, insightful blogs, and the visionaries of the fintech world on social media. Subscribing to fintech news outlets like The Financial Brand, Finextra, or following influencers and thought leaders in the PayTech space can provide you with a steady stream of updates, trends, and analyses.
Twitter and LinkedIn have become hotspots for real-time fintech discussions and networking. By engaging with content, sharing your insights, and even participating in online forums and discussions, you not only stay informed but also build a network of peers and mentors who are as pumped about PayTech as you are.
Toolkit for Success
Networking and Community
Connecting with like-minded individuals and seasoned professionals can significantly amplify your career trajectory. Engaging with women-focused tech communities and professional networks is a brilliant way to find support, inspiration, and opportunities. Consider joining organisations such as:
- Women in Payments: A global network aimed at empowering and promoting women in the payments industry.
- European Women in Payments Network: EWPN is a not-for-profit organisation dedicated to building a community for women in cards, fintech & payments in Europe.
- Global Women in Tech: A non-profit organisation focused on building a global network of women in technology through mentoring, networking, and educational opportunities.
Online forums like the Fintech Futures and the Female Founders Network on LinkedIn also provide awesome platforms to connect, share ideas, and collaborate.
Finding a Mentor
Providing guidance, sharing knowledge, and opening doors to new opportunities and networks are just a few things that the right mentor can do for you. So where do you begin? Well:
- Attend industry events and conferences, both virtual and in-person, to meet potential mentors.
- Utilise LinkedIn to identify and reach out to industry leaders you admire. A polite, personalised message explaining why you're seeking mentorship can go a long way.
- Participate in mentorship programs offered by women-focused tech organisations mentioned earlier. Many of these programs are designed to match mentees with experienced professionals in their field of interest.
Our Head of Marketing Esfira Zaka couldn’t have put it any better when she said: "Embrace mentorship from leaders who inspire you beyond mere management. Build networks, particularly on LinkedIn, and attend industry events for further insights. Remember, the journey to self-confidence is ongoing; trust and enjoy the process as you navigate your career in tech."
Personal Branding in PayTech
Building a strong professional online presence is so important that we can’t emphasise it enough. Well, we can, which is why we’ve created this section to help you learn to showcase your skills, share your insights, and position yourself as a thought leader in the PayTech sphere:
- Optimise Your LinkedIn Profile: Ensure your profile is up-to-date, highlighting your PayTech expertise, projects, and achievements. Use keywords related to PayTech in your summary and experience sections to improve visibility.
- Contribute to Discussions: Join PayTech groups and forums on LinkedIn and other social platforms. Share your thoughts on current trends, ask questions, and contribute valuable insights.
- Publish Content: Write articles or posts about your experiences, learnings, and observations in the PayTech sector. This not only showcases your expertise but also sparks discussions and increases your visibility.
Remember, your online persona is often the first impression potential employers, collaborators, and mentors will have of you. Make it count by being authentic, engaged, and knowledgeable.
Breaking Into PayTech
The PayTech sector is part of the larger FinTech universe, which saw a whopping $210 billion in investment across nearly 5,000 deals in 2021 alone, according to KPMG’s Pulse of Fintech report. This momentum definitely hasn’t slowed since then! So, how can you get in?
Landing Your First Job
Crafting a PayTech-focused resume? Make sure it shouts your skills and passion for fintech from the rooftops. Tailor your CV and cover letter to highlight relevant coursework, projects, and internships. Dive into the specifics – if you've worked on blockchain projects, developed a mobile payment app, or dabbled in cybersecurity; tell us!
Prepare for interviews by brushing up on the latest PayTech trends and news. Employers love candidates who can discuss industry developments with confidence and share how they can contribute to the company’s journey.
A pro tip: The demand for tech talent in fintech is soaring. Start with entry-level positions or internships in companies you admire; these can be your golden ticket to gaining invaluable experience and making your mark.
We couldn’t put it better than Nataly Panagidou, our Head of Legal, another awesome payabl.er who recommends you “kickstart your career by grabbing the chances you get, stay curious, and bounce back from setbacks. Build your skills, make connections, and smash through those barriers.”
Look out for work opportunities at payabl.
Career Pathways in PayTech
PayTech offers a kaleidoscope of career paths, from product management and software development to cybersecurity and regulatory compliance. Your journey could start in a technical role, like coding and system development, or on the business side, focusing on product innovation, market analysis, or customer experience strategies. The beauty of PayTech is its intersection of finance and technology, creating a playground for both tech-savvy and business-oriented professionals.
Navigating Career Challenges
The road to success is dotted with hurdles, but each is an opportunity in disguise. Advocate for yourself, seek out projects that challenge you, and don’t shy away from asking for feedback. When it comes to salary negotiations, arm yourself with industry-standard figures (Glassdoor and Payscale are great resources) and articulate your value proposition clearly.
The key to a thriving career in PayTech? Continuous learning and adaptability. The industry evolves at lightning speed, and keeping your skills fresh is non-negotiable. Whether through online courses, attending conferences, or networking with industry peers, staying updated on PayTech innovations will ensure you’re always ready for the next opportunity.
As our very own Nikolett Palinkas, SVP of Operations said: "Always educate yourself on payment industry trends, technologies, and market dynamics. Be confident, showcase your skills, and don’t hesitate to speak up."
Continuing Your Journey
Professional Development
Standing still is not an option. Continuous learning is the fuel that will keep your career engine roaring. Embrace the plethora of online courses, webinars, and certifications available on platforms like Coursera, Udemy, and LinkedIn Learning, focusing on emerging technologies such as blockchain, AI, and machine learning.
Join forums and attend industry conferences like Money20/20 or the FinTech Connect, where the brightest minds in PayTech convene to dissect trends, share innovations, and predict future shifts. These gatherings aren’t just about listening; they’re about engaging, asking questions, and even presenting your insights. And one day, you could be the next keynote speaker drawing crowds!
Our CPO, Jolita Strasunskaite explains that “Combining authenticity with a continuous desire to learn, being curious, and having boldness can lead to extraordinary results. It’s important to begin by cultivating self-belief, and then embracing authenticity and ongoing learning to successfully navigate your career path.”
Leadership and Growth
Leadership development programs, both within organisations and through external providers, can equip you with the necessary skills to ascend the career ladder.
Statistics reveal that women, though underrepresented in tech leadership, are making significant strides. For instance, in 2020, women held 28% of tech leadership roles, up from 23% in 2019, according to an AnitaB.org report. Your journey could contribute to increasing these numbers. Embrace opportunities for mentorship—both as a mentor and a mentee—as these relationships are invaluable for personal and professional growth.
Networking
Your network is your net worth, which is especially true on the PayTech scene! Continue to build your professional network by staying active in community forums, attending webinars, and engaging with peers and leaders on social media. LinkedIn is a goldmine for PayTech professionals, offering a platform to showcase achievements, share thought leadership articles, and connect with industry influencers.
A wise woman once said to "Network actively and build both technical and business acumen. For advancement, take calculated risks and advocate for diversity." And that wise woman is the CTO at payabl., Thekla Paschali!
Resources Section
Alright, let's gear you up with a ton of resources to get your PayTech journey chugging along. In the spirit of payabl., where we're all about making the complex world of payments easy and accessible, here's a curated list of resources for you to use.
Educational Platforms
- Coursera & edX: Dive into the depths of fintech with courses taught by industry leaders and top university professors. From blockchain basics to advanced cybersecurity, there's something for every level of curiosity and career stage.
- Udemy: Choose from more than 210,000 online video courses with new additions published monthly.
The Open University: Accessible study resources and expert tutor instruction mean you’ll have the flexibility to study when and where you want. Whatever your circumstances, gain a recognised and respected university qualification. - LinkedIn Learning: Offers bite-sized courses on PayTech and fintech trends, software skills, and career development, perfect for the busy professional looking to add new skills in a crunch.
Industry News Sources
- PYMNTS: Stay up to date with the latest global news and analysis in payments, retail, fintech, financial services and the digital economy.
- FinTech Futures: The latest fintech news and insight from FinTech Futures, one of the world's leading providers of financial technology intelligence.
- The Paypers: Covering the latest global news and analyses on payments, ecommerce, fintech, and the digital economy.
- The Banker: The latest UK and international banking, finance and business coverage and analysis, with exclusive interviews and unparalleled access to the finance industry.
- Finextra: Stay updated with the latest news on technology and innovations in the world of financial services.
- TechCrunch Fintech: For the latest startups, launches, and technologies disrupting the financial sector, TechCrunch has the scoop.
Professional Networks and Organisations
- Women in Payments: A global network dedicated to empowering and promoting women in the payments sector. Join for networking opportunities, mentorship programs, and insights into industry trends.
- PayTech Women: celebrates and champions women in the payments and fintech industries. By providing valuable resources and networking opportunities, PayTech Women help ambitious women rise in payments.
- EWPN: Making diversity matter in Fintech, EWPN is dedicated to building a community for women in cards, fintech & payments in Europe.
- Women Who Code: An international community that offers coding resources, job boards, and a network of women techies to connect with.
- Global Women in Tech: Non-profit focused on connecting women in technology worldwide, offering educational programs, networking events, and mentorship.
Podcasts and Online Resources
- Pay it forward: payabl’s own podcast giving you the latest and greatest in all things payments.
- My Career in Six: A weekly podcast produced by Women in Payments, where in each episode, they sit down with an inspiring woman leading the way in the industry.
- Fintech Insider by 11:FS: A must-listen podcast for anyone interested in fintech, offering interviews with industry pioneers and insights on the latest trends.
- The PayPod: This podcast explores the fast-changing world of payments and fintech, from blockchain technology to mobile payments.
KPMG Pulse of Fintech: For deep dives into fintech investment trends, reports by KPMG are invaluable resources for industry professionals looking to understand market dynamics.
Books for Further Reading
- "Digital Bank" by Chris Skinner offers insights into the digital banking revolution.
- "The PAYTECH Book" by Susanne Chishti, Tony Craddock, Robert Courtneidge, and Markos Zachariadis is a comprehensive guide to payment technology and trends.
So Ladies, now we’ve given you a toolkit, it’s your time to shine. Whether you're crunching numbers, coding the next big payment app, or strategising market entry, remember, knowledge is power, and in the world of PayTech, it's your most valuable currency.
We’ll leave you with the wise words from our fearless leader, and Group CEO, Ugne: "Embrace your unique voice and perspectives; don't be intimidated by challenges or norms. Confidently share your knowledge—mistakes are lessons on the journey towards success. Together, we can close the gender gap and create a truly inclusive tech industry, ensuring our voices are heard."
Let's keep learning, connecting, and shaping the future of payments, together.