Is “going open” worth the risk for payment providers? A money transfer business in India shares how allowing other companies to deliver financial services based on its systems has fueled its recent growth.
Payments providers can grow revenues by allowing third-parties to create apps that leverage digital payment platforms, but the potential for reward comes with risk. Taking a "maturity model" approach can help providers avoid common pitfalls.
Open APIs have potential to spur innovation in digital finance and grow business for payment providers. But to realize these benefits, providers must design open APIs that meet the needs of the developers who use them.
From Twitter to Walgreens, companies across diverse industries have seen their businesses grow after deciding to share their online services with external firms. Does a similar strategy make sense for digital payments providers too?