John Collison: Payments has shifted from tactical vendor decision to product strategy
John Collison · Stripe: Patrick and John Collison (2018) · Mar 9, 2020 · at 22:55
John Collison, co-founder of Stripe, explains to Guy Raz how modern online businesses use payment workflows as a competitive product differentiator rather than just backend plumbing.
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“For internet businesses, payments is actually part of the strategy that matters. It's part of the product experience. And so basically, I think this used to be a fairly tactical vendor decision for the business, where it was just something that needs to be taken care of, and there was only downside, really. You could make a bad choice, but you couldn't make a great choice. Whereas now, as we've seen with companies like Amazon, like Lyft, like Instacart, They can actually win based on their product experience, and that's new.”
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