Paypal have announced its new software development kit and other features to enhance its payment gateway integration offering.
Current iOS apps using payment gateway integration have to redirect to the web based payment gateway system to complete the transaction. This makes it data intensive and intuitive. Paypal’s CTO James Barrese said: “Developers should have the freedom to focus on innovating for their customers, not spending time worrying about handling the complex task of payments. We listened when our developers said they wanted better capabilities from us, and now we’re doubling down on our developer programs to deliver the best tools in the industry”.
As a result, PayPal’s new service will allow developers to implement its system right into the app allowing users to complete the transaction without having to leave the app. Apart from that PayPal also released its card.io API that enable developers to integrate into their apps and allow users to take a picture of their debit/credit card to retrieve the details of the card into the app rather than users needing to type in all the details into the app.
There are increasing calls for the use of open banking APIs from industry groups and even the UK Treasury. It is clear that this market shift is inevitable, but while this openness will facilitate innovation and drive competition, there is uncertainty.
The European Banking Authority (EBA) has published the long-awaited draft of the Regulatory Technical Standards (RTS) covering Secure Customer Authentication (SCA) and secure communication. Tom Hay, head of payments at Icon Solutions shares his thoughts on whether they will be effective.
In another big deal for the global payments industry this week, credit card firm Visa has inked a partnership with digital payments processor PayPal.
The five fintech startups joining credit card company’s Capital One’s new fintech accelerator in Nottingham have been named, including Credit Kudos, Multisense, Pariti, Warwick Analytics and WealRo.