Tune in to this episode of the Payments & More podcast with host Nico as he chats with payment professionals about their business journeys and lessons learned. Don’t miss out on the stories and perspectives they share that will shed light on what’s hot in the payment space. Today’s guest is Son Nguyen, who has 15 years of experience in the French payment market with companies such as Vente-Privee and Oney. On today’s episode, we will discuss everything about the French market and hear Son’s insights on payments, fraud, ecommerce, and domestic players. We will also have the opportunity to win a trip for two to Ibiza and find out some of Son’s best kept secrets!

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To begin, they discuss Son’s 10 years of experience working with Vente Privée known now as Veepee. Here, he was in charge of menu strategy projects, finance transformation, program management including fraud, finance, and tax reconciliation. This was the early days of e-commerce and Son quickly realized the complications of finance. Then, he moved to Oney, where he served as the Head of Growth, focusing more on fraud and digital identity. Like most of his colleagues, Son is based in Paris. He believes the e-commerce community is much more well structured now than it used to be.

 

Then, they dive into the secrets of the French market, starting with a description of the French card-based e-commerce landscape. E-commerce in France is very strong and continuously growing. They have been very adamant about being the creator of the Carte Bancaire (CB). Because it is a domestic payment, much of e-commerce still relies on the local payment scheme. Foreign merchants should keep in mind the French’s preference for Carte Bancaire to other payment methods. This is because of their cheaper processing fees and the security they provide.

 

There have been several initiatives in France for alternative payment methods. In every European country, there is a growing champion. The biggest non-card payment option in France is PayPal. Buy now, pay later, is also growing in its popularity much like in other countries. Son clears up the confusion surrounding charge only cards and reveals the reality that many French people don’t like credit cards.

 

Then, they discuss the dark side of payments in France: fraud. The official figure for fraud rates in France is quite low. Cards are printed with several different logos including Visa, Mastercard and CB. When a transaction is processed domestically, it is through CB. However, if the same card is used on an international website it will be using Visa. Fraud rates are higher abroad, which is to be expected. He recommends merchants entering France to be protected to avoid fraud.

 

Nico takes a break for the Golden Minute in this episode to hear what Son’s direct actions would be in the first 100 days as a French Regulator. His first action would be guidance in the payment world, hoping the market would finally move in the same direction.

 

The episode draws to a close on a personal note. A rejection from a prestigious French culinary school led him to dismiss the career path and propelled him into payments instead. He then shares an instance in which he experienced a career failure and the lessons he learned as a result. He believes the biggest issue in one’s career is being able to handle complexities from other people.  

 

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Timestamps

0:38 - Son Nguyen introduced

2:32 - Son’s work with Vente-Privée and Oney

4:50 - Praise for Son

6:32 - France’s e-commerce landscape

8:46 - Biggest hurdle for foreign merchants dealing with France

12:13- Alternative payment methods emerging

16:23 - Charge only cards

18:10 - French payment technology

20:14 - Discussing fraud

23:13 - Golden minute

26:25 - Son’s rejection from culinary school. 

28:51 - Son shares a career failure

33:45 - Closing words

 

 

About Son Nguyen

Son is an experienced specialist with over 20 years of experience in the payment and fraud sector for eCommerce and banks, in companies such as Vente-Privée and Oney. He has extensive expertise in the Market & Business field and is passionate about innovation and user experience. With a background in Technology & Solution, he is a highly recognized Payment and Fraud Expert in the industry. Son has held multiple strategic advisory and partnerships roles as well as being involved in regulatory workgroups and professional associations. Son is currently a Senior Associate at Allyiz.

 

Connect with Son Nguyen on LinkedIn.

 

 

About Allyiz

Allyiz (pronounced allies) is the “go-to” company for payments experts for businesses who want to source knowledge, time, or people. Allyiz distinguishes ourselves from consultancies by bringing the expertise and experience of professionals who have successfully run the function on the business side and have done it well many times. We run short projects and deliver actionable results.

 

Connect with Allyiz on LinkedIn  or at www.allyiz.com

 

Email Allyiz or leave us your comment on LinkedIn on what questions you’d like answered, suggestions on people to interview, or any other thoughts you have!