The current tectonic shifts in the payment industry are rapid and innovative. Most countries now have real-time payment systems. Merchants can receive their revenue quickly, which helps to reduce cash flow problems.
How can merchants, businesses and consumers make use of real-time payment system?
This is possible through the use of Application Programming Interfaces (APIs).
APIs enable systems to communicate with each other better, allowing everyone in the ecosystem to securely transmit data.
APIs are the new normal in the payments industry. Businesses can access your APIs to quickly create their solutions and add value to end-users.
Read more about What is API testing?
API-based payment system are used to accept payments, P2P transfer, test new revenue channels and integrate with multiple partners.
Benefits from API payment solutions
API-based payment options offer three main benefits: efficiency, flexibility, speed, and speed.
API-driven software is efficient and fast This ensures that the products are more stable and have fewer bugs. You can easily add APIs to create new functions, which significantly reduces the time and cost of product development.
Flexibility API-based products distinguish between frontend and backend. They are also customizable. Multiple services can often be allocated and customized.
Payment APIs enable seamless onboarding and make it secure. They also provide rich functionality as well as flexibility.
Many banks also prefer open banking infrastructure to allow customers to easily accept payments. Open banking solutions are often powered by APIs.
Dwolla and PayPal are major players in the API market. India’s largest digital payment providers and aggregators use UPI, an API-driven platform that allows them to make real-time payments.
There are also a lot of Payment API enablers. It is imperative that payment providers are seamlessly onboarded in order to grow the real-time payments platform powered by APIs.
This is possible through API testing, accreditation and onboarding of providers.
How can you test these APIs?
Cloud-hosted API testing platforms are ideal as they allow multi-user validation and testing of APIs before onboarding them. This can be part of a UPI platform initiative, a payment scheme initiative, or a bank initiative.
API testing platforms are able to help you quickly onboard payment providers and service provider within one week. They simply need to create test cases that are based on your business process, workflow, and then define the validation library. You can enable API testing on the platform in as little as 48 hours or as long a week. This is only if the test plans have been created.
After this, you can use the platform to perform API testing with analysis and automated type approvals for onboarding providers