The modern commercial scenario is transforming day by day. Once upon a time, cash was the only mode of transaction but as time flowed, innovations and technological developments made a reality possible wherein a virtually cashless society is possible. Investments in new-age technologies like blockchain, and the growth of universal fintech have revolutionized transactions and currencies as we know them. One such groundbreaking technology is the development of something known as API (Application Programming Interface). There are various examples of API that we come across on a daily basis, stuff as mobile recharge API, flight booking API, etc. So let us take a dive into the realms of this amazing piece of technology.
Exploring API
It can be safely assumed that you are a frequent social media or eCommerce user. Well, have you ever wondered how the various integrated features and software communicate with each other, how something like a payment gateway talks with the other software involved in the process? Well, they do this by virtue of API.
There are several uses of an API in everyday life, like booking flights from a third-party website, where the app has to communicate with airline servers to make the booking possible. You also employ the use of a mobile recharge API when you recharge your smartphones.
API is a technology that is also used extensively to enable economic development and balanced growth. Nowadays, with a reduction in MATM price, they are being set up in rural areas throughout the country. These Mini ATMs ensure that everyone has access to a safe and reliable banking ecosystem.
API s are developed in a manner that ensures they are secure as well. They work by exchanging small packets and information and this data is not stored or retrieved. Several massive companies like Amazon, Salesforce, eBay, etc. are reliant on this software for their revenue generation. Now, let us take a quick glance at the various characteristics of API
- The recent updates of API ensure the fact that they are extremely easy to work with and very developer-friendly.
- These can be related more to products than software in a way because of their lifecycles and maintenance schedules.
- They are extremely secure and hard to exploit.
These are some of the features that define the modern API s that we witness nowadays. Let us look at the various applications of API in real life now
Mobile recharge API- One of the most prominent uses of API can be found in the field of recharges, with a special emphasis on mobile recharge. These services are required to establish a connection between the mobile applications, telecom servers, bank servers, and payment gateways. There are multiple benefits of using API for these, namely
- Superior service with the most up-time.
- A single e-wallet can be used and separate accounts can be eliminated, thus reducing complexity.
- They can generate an operator transaction Id when each recharge takes place.
- They feature superlative backend support.
- They can be a great value addition to existing services.
Travel API- One of the most prominent examples of travel API is the IRCTC API. As we are already aware, railways are the most preferred method of travel in the country. One can easily create a business as a booking service provider by virtue of the IRCTC API. The various benefits that can be enjoyed due to this API are
- This method is cost-efficient.
- The customer service provided is round the clock and top-notch.
- This platform facilitates the reservation of all the different classes of tickets, like Tatkal, General, Waiting list, etc.
Domestic money transfer API- These can be a great option for monetary transactions, especially within the demographics that are not well-integrated with the banking ecosystem and underserved areas. The money can be routed through various sources like PoS machines, and with the integration of Micro ATMs in the ecosystem, they can also be used as a method of revenue collection. There are various benefits of using this as a method of money transfer, like
- These feature an extremely easy interface that enables simple domestic money transfer procedures.
- The transaction receipts are generated instantly on a regular basis, something that enables an easy workflow and regular records.
- The API systems enable seamless integration with the other software and systems that may be in place thereby ensuring a smooth process throughout.
Pan card integration API- This feature provides you to undertake income tax department verification from remote locations and visiting the office physically is not required anymore. This helps with the quick execution of the KYC process. The benefits that are provided by this procedure are as follows
- Income tax department verification on a real-time basis.
- A simple interface allows for quick and seamless execution of the procedures.
- The customer support provided is round the clock and of a superlative standard.
Final take:
The advent of API and a low MATM price has ensured a truly integrated and inclusive economic ecosystem. This technology is constantly evolving with newer updates to ensure an improved experience.
