Only 2-3% of transactions currently take place online. It’s something that Patrick Collison, CEO of Stripe, reminded the packed auditorium for Money 2020’s opening night keynote. That fact highlights the enormous potential yet to be realized in payment tech and why it’s such an exciting time for money. The Money 2020 conference, the largest FinTech conference in the world, was held recently in Las Vegas and covered all the latest developments in payment tech. The industry is quickly heading towards a cashless society where money can be exchanged in more places and with less friction than ever before, and a common theme that ran through the conference was how APIs are key enabler of that world.
The CEOs from Stripe and Poynt gave the two primary keynotes on opening night, and talked about how APIs are powering the current wave of payments technology. Stripe is a company whose primary product is an elegant API that allows e-commerce merchants to easily accept payments without having to set up a merchant account or worry about complying with regulations for handling credit card information (known as PCI compliance). It enables merchants to set up a payment’s integration in hours rather than days or weeks, which was revolutionary for the industry. Meanwhile, Poynt has created a set of smart terminals that are much more powerful and flexible than traditional merchant terminals, and provides a richer customer experience that can easily be customized with Poynt’s suite of SDKs and APIs.
The event also boasted the largest FinTech hackathon in history with over 600 developers building cutting-edge apps over the weekend. They leveraged APIs from a variety of companies and organizations including Visa, Worldpay, Paypal, Mastercard, First Data, and Blockchain. Those who participated saw how developers can combine data and technology from various APIs to enable a wide variety of compelling new use cases and applications. The winning team of “Replay” created an app for Apple TV that allows merchants to associate their products with scenes from television and movies, and allows consumers to instantly purchase those associated items as they’re watching. Imagine pausing Mad Men and being able to instantly purchase the elegant Herman Miller office chair in the scene. These apps demonstrated how commerce will radically evolve in the near future, giving customers more opportunities to discover relevant products, eliminating friction in the purchasing and fulfillment process.
Attendees were excited to learn that Mashery, a pioneer and leader in the API management space, had joined the TIBCO family. With APIs such a hot topic, attendees wanted to learn more about how Mashery could allow them to safely and securely expose their APIs to internal developers and external partners. They agreed that TIBCO’s prowess in integration, analytics, and event processing was perfectly complemented with the capabilities that Mashery brought. Today’s environment requires large amounts of data to be processed and surfaced in near real time, and exposed in a controlled way to relevant stakeholders. TIBCO is now able to deliver on that need more than ever before.