Ep 49 – Dominating Payments Online and Other Fin-tech Stories – with Daniel Heffernan

daniel heffernanPayment is becoming digital. While we’re still living in a world where we carry notes and metal coins in our wallets, the fast digitalisation of the economy foresees a cash less economy where most transactions will happen online.

To foster that trend Stripe was founded with the ambition to allow both private individuals and businesses to accept payments over the Internet. While it seems such an obvious need, the complex financial system has made it difficult for any such service to arise for many years. Founded in 2011, Stripe has experienced a massive growth and is, five years later, valued at $5 billion.

My guest this week, is Daniel Heffernan, the Representative Director of Stripe Japan. Daniel explains why Stripe chose Japan as the first base in Asia. Indeed, while Japan’s online payment is still at an early stage, it is growing 10% year-over-year and it is the #4 e-commerce market worldwide.

In this episode, we go back to the early days of Daniel playing video games with Stripe’s founders in middle school and end up ten years from now where fin-tech startups will change the economy as we know it.

Questions: What financial or banking innovation is most needed? How do you foresee the payment industry in 10 years? (reply in the comments)

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  • Introduction of Dan
  • Business diversification
  • When innovation seems obvious
  • Relay – selling on apps
  • Business needs
  • All started from middle school
  • Why Japan
  • Career timing
  • Becoming Japan’s Representative Director
  • Two weeks of financial training
  • Japan’s specific payment system
  • Why is the financial industry lagging behind
  • Fin-tech, a new hope
  • The long life of credit cards
  • Quick-fire questions

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