The payment technology sector is an integral part of daily life, yet it often operates behind the scenes. From cash and cheques to contactless cards, wearable devices and even vehicles used as payment tools, paytech is advancing rapidly, shaping how consumers interact with money.
At Fintech Awards London, Matt Hyde, managing director of the awards, sat down with Hayley Thompson, a payments-focused director in Deloitte’s financial services M&A transaction team and sponsor of the ‘Paytech of the Year’ category. Their conversation explored paytech’s significance, the challenges fintechs face, as well as her perspective on the value of seizing opportunities.
“Paytech is the part consumers interact with every day”
Thompson highlighted paytech’s pivotal role in the fintech ecosystem. “It’s the bit that kind of sits in the background that consumers and everyday people use throughout their lives multiple times a day without even realising,” she said.
From wearables like the Apple Watch to vehicles being used as payment methods, paytech continues to innovate in ways that enhance everyday convenience.
Deloitte is deeply engaged in supporting fintechs at all stages, particularly within paytech. “We find most interesting and fascinating the startup businesses… through events like today where you get to speak to some emerging market players,” Thompson also noted. She explained how such interactions help Deloitte stay connected with market innovation and emerging trends.
Sponsoring paytech at Fintech Awards London
Reflecting on Deloitte’s involvement in Fintech Awards London, Thompson also described the event as an essential touchpoint for understanding the progress and challenges within fintech. “The benefit of being able to sit in a room and speak to the applicants of the awards and really understand their story… is what differentiates these awards,” she said.
As a sponsor as well as a judge, Thompson highlighted how hearing directly from fintech innovators offers invaluable insights into their journey and their potential to shape the sector.
Challenges in fintech
Thompson pointed to two major hurdles fintech companies currently face: raising funding and achieving profitability. “We’re seeing a lot of challenges around the ability to raise funding and a real focus on path to profitability,” she also said. Standing out in a competitive and challenging market is essential for fintechs aiming to thrive.
Watch to discover more insight as Matt Hyde chats to Hayley Thompson of Deloitte
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