MasterCard Announced the intention to launch an open source API for developers of payments applications.
Developers that want to use MasterCard’s systems will be able to register online to gain access to the payments company’s application programming interface — or API — which will let them use MasterCard’s network.
Lyons said applications using the API will be able to incorporate MasterCard’s payments capabilities and could potentially weave in technology from other companies.
But MasterCard will be in control of the entire process, he said. It will dictate the elements of its payments network that programmers can design around, and it will be able to block any specific applications or developers that might seem shady.
The strategy hopes to drive developers to incorporate MasterCard payments capabilities into their products, a strategy that has been successful in driving innovation and market share in the mobile device environment. Specifics of the program, including security safeguards, have yet to be detailed.
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