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What Is a Payments Product Manager, Really?
- A Payments Product Manager works on designing how money moves, who gets paid, when, and under what conditions, which varies across industries such as banks, B2B marketplaces, regulated fintech, AI startups.
- In banks, payments involve moving and managing money efficiently, with different products and business models within various bank departments like lending, credit cards, and investment banking.
- Lending focuses on disbursement flows, repayment flows, and payment UX to make loans economically viable.
- Credit cards involve revenue generation through interchange, fees, and APR, emphasizing volume and customer retention.
- Investment banking requires precise settlement of assets, showcasing payments as institutional credibility in maintaining global financial markets.
- Back-office operations like payroll and internal transfers are critical for revenue generation and risk management, highlighting the importance of a reliable payments platform.
- In SaaS and POS environments, payments play a crucial role in revenue generation, customer trust, and operational efficiency, each with distinct integration complexities and performance expectations.
- For B2C businesses, managing the conversion vs. control trade-off and user experience in payments is vital to avoid funnel collapse and ensure customer retention.
- In marketplace platforms connecting buyers and sellers, setting expectations, driving loyalty, and designing incentives are integral to retaining valuable supply and users.
- Payments PMs work on establishing fairness, driving loyalty, and designing incentives based on the specific industry needs, whether in a bank, SaaS company, gig platform, or B2B environment.
- Their role encompasses building payment logic, systems, and experiences to ensure safe, fast, and intentional money movement for revenue generation, churn prevention, trust protection, and workflow optimization.
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