The payments space is evolving and fast. What used to be a quiet back-office function is now one of the hottest areas in financial technology.
FinTechs like Wise and Revolut are scaling their payments teams quickly, but they’re not alone. Big banks are also snapping up developers with payments expertise. What was once considered a low-profile tech skill is now in high demand.
Michael Abdul, Director at Volition, says payments used to be “one of the first functions to be offshored” and carried a “very back-office” reputation. But that’s no longer the case. Goldman Sachs’ transaction banking team (TxB) is now seen as one of the firm’s standout units, and HSBC credits its own payments division for a notable rise in revenue. Citi CEO Jane Fraser even called their services division the company’s “crown jewel.”
So, what changed?
Payments is now full of real engineering challenges. Abdul points to API integrations, crypto wallets, and low-code solutions as some of the key innovation areas. The move toward real-time payments has also made the field more complex and more valuable. Firms are now hiring from traditional capital markets to bring in that real-time experience.
There’s a cultural shift too. Payments used to feel like traditional corporate banking. Today, it’s dominated by younger, tech-driven firms with modern cultures and agile ways of working.
That said, the work isn’t always glamorous. Even senior leaders at Plaid and Stripe have referred to payments as “unglamorous” but vital.
What about pay?
Don’t worry — it still pays well. Senior roles in banks and fintechs alike are earning serious money. Principal architects in New York can pull in up to $285k, and SVPs at places like Citi aren’t far behind. Payments experience at firms like JPMorgan is also highly sought after — former employees are being snapped up for senior roles at HSBC, RBC, and PayPal.
The takeaway? Payments is no longer the quiet corner of finance. It’s technical, in demand, and full of opportunity especially if you know where to look.
