We interviewed Nadine A. Jaafar, a professional in the payments industry and a part of a global payment company. She is a proactive and result-oriented businesswoman who focuses on maximizing sales and profitability. With her exceptional experience in the payments industry, she shares her valuable insights with us and discusses the company. Let’s get to it below.
About The Payments Industry
First, we wanted to learn about her expert views on operating in the payment world. So we asked, “Tell us about your business model and operations as an expert in the payment world.”
She replied, “The payment industry is a complex and constantly evolving space, with a variety of business models and operations. In order to thrive in such a complicated ecosystem, you need a 360-degree understanding of the industry and to constantly stay relevant and informed.”
We further asked, “What are the top three trends shaping the Payment industry today?”
“With that, Nadine A. Jaafar replies:
- Mobile Payments
- Blockchain and Cryptocurrencies
- Artificial Intelligence”
Growth Pipeline In Business
Different experts or businesses have different plans for growth and business evolution. To know the same about Nadine and her work, we further asked her, “What are some of the growth and expansion plans you have in your pipeline?”
“Expanding into new markets: Mobile payment companies may look to expand their services into new markets, particularly in developing countries where traditional banking and payment systems may be less established. This can be achieved by adding new features such as integration with loyalty programs, mobile wallet functionality, and additional security features and partnering with other companies to increase reach and provide additional services to customers. Finally, embracing emerging technologies such as blockchain and AI into existing platforms can help improve security, reduce fraud, and enhance the overall user experience.” she replied.
Challenges are a part of our lives, and businesses are no exception. However, to understand what specific challenges may be in the payments industry, we asked Nadine A. Jaafar, “For those entering this industry, what are the main challenges?”
She replies, “Competition is the first challenge that new entrants face in the payment industry, as it is highly competitive with many established players and new entrants vying for market share. It can be difficult for new companies to differentiate themselves and gain a foothold.
Security is another critical element that plays a vital role in the success of payment solutions providers, as every transaction involves sensitive customer information. Security is a top concern for both customers and companies, and new entrants must ensure that they have robust security measures in place to protect customer data and prevent fraud.
Regulations are also a significant challenge in the payment industry, as it is heavily regulated with different rules and regulations varying by country and region. New companies must comply with all relevant regulations, which can be complex and time-consuming.
Lastly, customer adoption is a challenge that new payment solutions may face, particularly if there are already established players in the market. Building trust and awareness among potential customers can take time and resources.
In reality, these challenges are not insurmountable but require careful planning, execution, and adaptation to succeed in the payment industry.”
Standing Out From The Crowd
We further asked, “What does your business offer in the current competitive market?”
She says, “We are a payment services provider that offers a wide range of innovative, tailored, and secure payment solutions to meet the needs of businesses and consumers. Our payment solutions are designed to provide a secure and reliable payment processing platform, enabling businesses to accept payments from customers in various ways, including online, in-store, and through mobile devices.”
Technological Advancements In The Payment Industry
Technology is enhancing day by day. To understand how Nadine’s work leverages technology, we asked her, “How is your business leveraging technology both in terms of operations as well as customer service?”
She continues, “We are streamlining our operations with automation by using artificial intelligence (AI) to reduce manual labour and increase efficiency. This includes automating payment processing, fraud detection, and customer service interactions.
We have enhanced security with encryption and biometrics through strategic acquisitions and alliances across all regions while maximizing our mobile and digital payment technologies. We have also integrated loyalty programs and other value-added services to enhance the overall customer experience.
With the rise of chatbots, we have implemented chatbots and other AI-powered tools to offer personalized customer service interactions. Finally, we are using data analytics to gain insights into customer behavior and preferences, enabling us to offer more targeted and personalized services.”
Becoming A Part
We further asked, “How have you ever been part of an entrepreneurial venture? How did you manage to sustain it and grow it?”
“Not long ago, I was part of the operational team in a UAE-based startup company that catered to the need for a “convenient fitness” space. The founder aimed to become the “Uber” for personal trainers, where PTs met their clients in the comfort of their homes or offices, and all bookings and payments were made via the mobile app.
Unfortunately, COVID played a big role in shutting down the business. Sustainability would have required pivoting towards online coaching, which later became a dominant trend. However, this vision was not aligned with the founder’s goals and vision for the company. In startups, you need to be creative, agile, and flexible. Even though COVID was detrimental to this business, the learnings were great. There was a blessing in the breaking, where you got to learn a lot about your resilience and core values. That is more beneficial than any financial status or success story to put in your portfolio of investments.” Nadine A. Jaafar replied.
“Any advice for new entrepreneurs? “
She said, “Do not always depend on funding from external sources ONLY. Do your homework, find the gap in the business you are trying to infiltrate, fill the need gap, scale up, and go find yourself an underserved market and thrive there. But also, have fun, and never forget your WHY! Why did you quit your corporate job to start your venture? Why are you passionate about what you do? Always remember your WHY!”
Addressing The Gender Gaps
Women entrepreneurship is a growing term in this modern world, and females are showing incredible results when it comes to businesses. To understand Nadine’s views on female entrepreneurs and their difficulties, we asked her:
“Any words of inspiration for female entrepreneurs?”
She says, “Women have managed to break a lot of stereotypes in the payment space. They have founded many exciting startups and have headed amazing payment-related companies. All I can tell my peers is, “Thrive on! Don’t listen to the hooey around you! Keep growing! Keep tapping into uncharted territories. And if anyone tells you that you can’t, do it twice and take pictures.”
Lastly, we asked, “What are the main difficulties women face in the world of tech and startups?”
“Whether we like it or not, there is still a gender gap that needs to be addressed in a politically correct manner. Although we have made significant progress, in order to have a seat at the same table as men and engage in difficult conversations, there needs to be acceptance on both sides. Being a single mother does not make corporate life any easier, but when you remind yourself that “family should never be a setback, but the main reason for your growth every day,” everything becomes more manageable and organized. You learn to prioritize and give unconditionally in multiple directions, and the rewards you receive back in blessings are unfathomable.” She added.
Connect with Nadine A. Jaafar on LinkedIn.