TransferWise lawyer: Consumers now trust the sector more

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • The fintech firm’s general counsel is among PaymentsSource’s Most Influential Women in Payments for 2019
  • Jenifer Swallow believes that the paytech industry is nearing its ‘big bang’
  • Industry research reveals that fintech revenue will grow an estimated 13% by 2021

A PaymentsSource interview reveals that consumers now trust the fintech sector more. While no numbers were cited, the claim comes from a reliable source. Jenifer Swallow, the general counsel at TransferWise, knows what she is talking about, according to fintech experts, because she worked in another industry during its “big bang moment”. Swallow also has the necessary business experience for her forecast to be more reliable than others.

Like the previous industry she used to work in, mobile-based payment processors are expected to change commerce forever, the interview reveals.

“I was working for Yahoo between 2005 and 2010, just as the tech giants were having their big bang moment, and it feels like fintech is on the brink of a similar tipping point”, said Swallow. The lawyer is one of the Most Influential Women in Payments awardees for 2019, an award given by PaymentsSource.

TransferWise’s popularity rose when it disrupted the industry with its cheap overseas transfer rates. During the launch of its app, the company told reporters that consumers can now transfer money internationally without the fuss of traditional banking.

The fintech firm’s borderless account gave TransferWise a good balance sheet, according to its executives. The product also gave the company an edge against the competition. Observers say that TransferWise’s innovative methods lured businesses and individuals away from traditional financial institutions.

For Swallow, TransferWise’s growth signals the opening of new horizons. “Consumers are increasingly putting their trust in the sector”, Swallow told PaymentsSource this week. She also noted that “talented people are moving from banks and more traditional providers to work in fintech because they see a bright, exciting future, which doesn’t have the confinement and constraint of more traditional providers".

Experts in the fintech industry note that Swallow’s opinion on the matter is of importance as she has a good business perspective. Before working at TransferWise, the London-based lawyer served as the general counsel at digital entertainment firm Mind Candy. She later moved to Yahoo and Zynga. Like other lawyers in the industry, Swallow started her career in the technology hub as an intellectual property and transactional expert.

According to a Capgemini report, the international market is adopting mobile-based payments at a rapid rate. The forecast between 2018 to 2022 indicates that digital transactions will increase by 13%. While the numbers seem small, Capgemini explains that this would be a rise from 598 billion to 876 billion.

Experts at the research company say that emerging Asian markets are leading the pack. It is expected that Asia’s digital transactions will grow by 29% over the next three years.
Swallow admits that fintech is still quite new and that everyone in the industry is still “figuring it out”. Swallow is not the only woman at TransferWise who is making a big difference in the sector, reports note. Diana Avila, the brand’s lawyer for Latin America has helped expand digital payments in the region.

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