The Future of APIs in the Payments Industry

The Future of APIs in the Payments Industry

 

 

 

 

 

 

Application Programming Interfaces (APIs) have changed the way web applications are built. In the past it used to take months to build a service. Now, through the use of API platforms, these services can be integrated in a matter of minutes. This means that APIs have become more and more important across a broad spectrum of industries. At the start of the decade it was nice for your application to have a public API. Now the game is changing and it’s almost a must.

APIs continue to revolutionalise the way businesses both gain access to data and share information. Data increasingly needs to available via different apps – as we see a rise in web and in particular mobile applications – and these different apps all need access to the same data. Through the use of APIs, we will continue to see increasing assurances that the format and consistency of data is equal across all apps.

The Future of APIs in the Payments Industry

 

 

 

 

 

 

Fervent innovation in APIs is naturally the focus as the payments industry moves away from paper-based tools and increasingly into mobile and online payment systems. Large companies will continue to open up their backend to developers in an effort to subsidise the cost of their own growth. By allowing developers to improve their product they can negate the need to fund their own improvements.

Even as this work continues on mobile payment APIs the future to expand beyond this is already upon us. In the future can we expect to see embedded, API-based, web-enabled technology in all devices? Then, we could see a future where APIs won’t need to focus on being mobile, they will already be embedded.

Leave a Comment