Read on Twitter
Today is my last day as a PM on WhatsApp Payments 
Thank you to @skasriel and @davidmarcus for creating this incredible team!
Wanted to share some of my learnings from building product in the fintech & payments space:
(1/12)
Thank you to @skasriel and @davidmarcus for creating this incredible team!
Wanted to share some of my learnings from building product in the fintech & payments space:
(1/12)
1) Perfection is table stakes.
If there's a bug in your app, it's forgivable. If there's a bug in your payment flow, you lose the user’s money AND trust.
Attention to detail is key for builders in this space.
(2/12)
If there's a bug in your app, it's forgivable. If there's a bug in your payment flow, you lose the user’s money AND trust.
Attention to detail is key for builders in this space.
(2/12)
My experience transitioning from growth to consumer fintech products:
product development is longer (years vs. weeks).
lower reliance on experimentation/data
more time spent on strategy than execution
(3/12)
product development is longer (years vs. weeks). lower reliance on experimentation/data more time spent on strategy than execution (3/12)
This forces foresight and planning.
One tool we used before rollouts to address risk: pre-mortems.
@shreyas has a great thread on how to leverage this practice:
(4/12) https://twitter.com/shreyas/status/1221257560033857536
One tool we used before rollouts to address risk: pre-mortems.
@shreyas has a great thread on how to leverage this practice:
(4/12) https://twitter.com/shreyas/status/1221257560033857536
2) There are 8x more people involved.
In growth, you need eng, DS and design to ship products.
In payments, you need this + legal, finance, risk, partnerships, policy, ops, marketing and more.
Working with these POVs is fascinating, but can also add complexity.
(5/12)
In growth, you need eng, DS and design to ship products.
In payments, you need this + legal, finance, risk, partnerships, policy, ops, marketing and more.
Working with these POVs is fascinating, but can also add complexity.
(5/12)
2 tips to drive cross-functional teams:
Single-Threaded Owners - one person (or function) should own the workstream. Creates accountability and action.
Force decision making - Capture opinions and force a decision. I used a simple framework to do this...
(6/12)
Single-Threaded Owners - one person (or function) should own the workstream. Creates accountability and action. Force decision making - Capture opinions and force a decision. I used a simple framework to do this...(6/12)
To drive decisions across functions:
Assign a decision-maker, outline options, collect POVs and force a decision.
Here it is in a Google Sheet if it's useful:
(7/12) https://docs.google.com/spreadsheets/d/1wBYJ5avMVXi_QJf9CwCNPIKPTzayGTEGtVn_2mS7GJE/edit?usp=sharing
Assign a decision-maker, outline options, collect POVs and force a decision.
Here it is in a Google Sheet if it's useful:
(7/12) https://docs.google.com/spreadsheets/d/1wBYJ5avMVXi_QJf9CwCNPIKPTzayGTEGtVn_2mS7GJE/edit?usp=sharing
3) Systems design is the role
Payments products are mostly backend. You must be fascinated with building scalable systems.
Eng will also be your main counterpart. Keep this in mind if you're coming from a design or business background.
(8/12)
Payments products are mostly backend. You must be fascinated with building scalable systems.
Eng will also be your main counterpart. Keep this in mind if you're coming from a design or business background.
(8/12)
4) Regional complexities
The internet makes a product built in Uruguay accessible in Jamaica.
But this is not (yet) the reality of payments. Here's why:
Regulation - govt decides which companies can operate in their systems. They all have different incentives.
(9/12)
The internet makes a product built in Uruguay accessible in Jamaica.
But this is not (yet) the reality of payments. Here's why:
Regulation - govt decides which companies can operate in their systems. They all have different incentives.(9/12)
Local Players - LATAM has completely different issuers and acquirers than APAC. Success is built upon strong local partnerships. Payment cultures- You need to cater to consumer habits to win. Ex. In Brazil 80% of eCommerce transactions are installments based. (10/12)
[Side note] Keep an eye on national payment rails 
This is an under-appreciated development in fintech.
Ex. India's UPI is at 2B monthly transactions. Leveraging these rails and their existing base can help get products to scale.
(11/12) https://techcrunch.com/2020/11/02/walmarts-phonepe-zips-past-google-pay-in-india-as-upi-tops-2-billion-monthly-transactions/
This is an under-appreciated development in fintech.
Ex. India's UPI is at 2B monthly transactions. Leveraging these rails and their existing base can help get products to scale.
(11/12) https://techcrunch.com/2020/11/02/walmarts-phonepe-zips-past-google-pay-in-india-as-upi-tops-2-billion-monthly-transactions/
5) There's a ton of opportunity
2 things are clear:
1. Every company will be a fintech company ( @astrange nails this concept: https://a16z.com/2020/01/21/every-company-will-be-a-fintech-company/)
2. Payments will benefit billions, notably the financially excluded and SMBs
12/12
2 things are clear:
1. Every company will be a fintech company ( @astrange nails this concept: https://a16z.com/2020/01/21/every-company-will-be-a-fintech-company/)
2. Payments will benefit billions, notably the financially excluded and SMBs
12/12
Final thoughts:
Take this all with a big grain of salt - I'm just figuring this all out myself
But I'm fascinated and excited by what I'm seeing.
Folks in fintech - what are lessons you've learned in the space?
Take this all with a big grain of salt - I'm just figuring this all out myself
But I'm fascinated and excited by what I'm seeing.
Folks in fintech - what are lessons you've learned in the space?
Didn’t expect this to blow up, but while you’re here...
Check out my newsletter: https://willlawrence.substack.com
Subscribe to learn more about product strategy and frameworks to navigating your career
Check out my newsletter: https://willlawrence.substack.com
Subscribe to learn more about product strategy and frameworks to navigating your career
