Bringing innovation and new features to the financial sector is not as easy as it might sound on paper. Even major companies like Visa are in need of outside help to achieve this status, which is not necessarily a bad thing. Over the next few years, Visa will evolve from being a payment network into an open platform, inviting developers and companies to explore its technology. Furthermore, the Visa developer platform will help improve the company’s initial offerings.
Also read: Factom and iSoftStone Partner to Integrate Blockchain Technology and Smart City Solutions
Even though credit and debit cards might not be the most secure payment options available in the world today, their inter-connected payment network status can be a valuable tool to companies and developers. By opening up the platform through API’s, some of the most innovative features offered by Visa can be explored and integrated into future payment solutions.
Especially where peer-to-peer payments are concerned, the Visa developer platform could be of great value. Granted, this will still be a connection to an archaic legacy system that is not doing the financial sector any good right now. But at the same time, it provides a foundation for future innovation, which is never a bad thing.
It has to be said that Visa offers a wide range of various payment services and products to consumers and businesses all over the world. If all goes according to plan, developers will have hundreds of API’s to hook into, as well as gain access to software deployment kits and a sandbox environment.
As one could expect from such an initiative, the main focus lies on co=creation. Visa is an established player in traditional finance today, but the company also knows they have to keep evolving. With a little help from outside, combined with a few fresh sets of eyes to tackle things, the provided API’s and test data can be put to great use.
This Visa developer platform has undergone several iterations of beta testing already. Thanks to partners such as Scotiabank, US Bank, and Capital One – to name a few – Visa has gained insights as to how the API’s and sandbox can be used, and where future improvements will need to be made. Through intensive collaboration with FinTech players, global financial solutions are coming one step closer every day.
Even though many people feel Bitcoin debit cards are not the solution for taking digital currency to mainstream adoption levels, there are certain benefits to this medium. After all, such a debit card – usually issued by Visa – lets consumers spend Bitcoin wherever credit cards are accepted.
The Visa developer platform could prove to be a powerful tool for Bitcoin debit cards in the future as well. By gaining access to the entire API library, companies can figure out new ways to leverage financial technology and make it beneficial to Bitcoin in some way. In the end, the Bitcoin ecosystem might stand to gain from the Visa developer network.
Source: Visa Developer
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