Everything will have an API

Posted by Ruben van der Zwan on 28 Aug, 2018

wallet-card-apiYou know that we like APIs. APIs are a simple way to connect to systems and that simplicity is one of the reasons why APIs are becoming more and more popular. Creating a service that is available using an API, as a micro service or as more traditional service, is actually very easy. So I believe everything will have an API in the future. Every mainframe service, every payment service and of course hardware devices in the area of the Internet of Things. Earlier this year an announcement by the company Dynamics Inc. really blew my mind. At CES, the largest tradeshow on electronics (both consumer and business-to-business), they introduced a new credit card called the wallet card. In this blog you will read what’s so special about this credit card.

Lots of tech on the cm2

What’s so exciting about this new credit card? Isn’t it just a piece of plastic with a chip in it? Well, no! This card is a connected secure payment card that has the same form factor as a regular credit card. It is programmable and erasable over the year is able to interact with the bank, has no regular battery and has a GSM antenna and chip. What are the advantages of such a card? The fact that it can be programmed over the year and on-the-fly makes that banks can issue cards within a matter of seconds. Because the data is stored digitally on the card rather than embossed on the card. It also means that in case of fraud the card can be blocked or even erased. This happens when the card is in the vicinity of the GSM network. Everything is done within a matter of seconds. Since there is no battery or at least not a battery as we know it, the card uses energy harvesting there is no reason to swap cards because of empty batteries.

But the card also provides the possibility of interaction from a marketing perspective like on-demand coupons if the consumer option, instant purchase feedback rating the establishment where the purchase was made and a whole lot of other possibilities that are possible when your card has an API.

Finally, the card has a card program or magnetic stripe ,a card programmable EMV chip in the card programmable contactless chip that can be turned off and on as well. Only when the card is used these three functions will be turned on and therefore made available.

Security and usability

It goes without saying that security is paramount. The wallet card offers a more secure experience with the credit card but it does require a lot of security to make that happen. Especially when you look at the logical entry point that is the API you can imagine that security needs to be tight. Because the API allows reprogramming of the court as well as enabling and disabling the card as well.

But we have security on the one hand we also want these are integration because the card allows third parties to work with the card as well offering coupons and that sort of stuff. So the API needs to be secure and available. This is not a contradiction in terms, it describes two characteristics that are vitally important. Those who should have access to the API should have that in a simple way with enough checks and measures for the bank to manage and monitor it. Those who should not have access should be identified as soon as possible and measures should be taken.

In other words, what you need is a platform that allows you to manage, monitor and monetize the use of APIs. If you’re looking for a solution like this but have no idea where to start take a look at our API selection guide. This will help you define the criteria for your APIs solution and help select the one that is right for you. Regardless I might say of the business you’re in. Because now we are talking about credit card that has an API, but it really doesn’t stop there as I believe everything will have an API in the near future.

API Selection Guide

Topics: Strategy, API Management, APIs, API Strategy

Written by Ruben van der Zwan

Ruben van der Zwan
Ruben is CEO and founder of Yenlo. He is an IT visionary from the first hour, and always working on creating better ICT solutions. Ruben believes that with technology, we can bring the people in this world together and bring prosperity to everyone. Ruben is an evangelist of open source technology, integration platforms, and WSO2 in particular. He is a frequent speaker on international conferences.