Interesting article about Alipay and Visa redefining payments and APIs by Ankita Tyagi. Alipay, a third-party mobile and online payments platform has caused disruptions in the payments industry through its platform’s seamless integration across various third-party services. Its heavy use of APIs showcases us the perfect glimpse of how the industry can be revolutionized. Without the support of any other international payments company, Alipay has soon reinforced China’s position in the global financial services industry, an industry that was once controlled under the rulers of the Unites States and the United Kingdom.
However, Visa refuses to be overcome against Alipay’s 1,500 APIs that simplify management of online transactions. Along with MasterCard, Visa continues to develop their APIs that allows for the creation of new digital card accounts on demand, tokenization accounts for e-commerce and mobile wallets, to configuring rules around digital card use and card sharing.
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