May 30, 2016
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After beta testing for almost a year, the Facebook Credits API is finally being opened to all developers. Before beta testing the service had been in very limited alpha testing for over six months before that. On July 1st, more than two years after the social networking site started working on the system, all Facebook-based games that process payments will be required to use only Facebook Credits. The 350 applications granted early access already account for 70% of such transactions. Facebook credits can be purchased by users at a rate of $0.10 each (with an additional 10 free when buying 100) and redeemed by application developers for $0.07, leaving Facebook with the balance.
The key to any transaction whether in the online or physical world is the payment process. Payment is a common feature across desktop, web and mobile applications. PayPal is often the first choice that springs up on developers when they think of integrating payment into their applications. Developers want an easy to use API, sandbox testing, fair transaction fees and definitely less paperwork and wait time. Stripe aims to simplify the process of accepting payments on the Web with its easy-to-use Stripe API.
The ripple effects of regulation such as the EU's PSD2 and Open Banking initiatives in the UK and APAC, designed to stimulate increased competition in banking, are being felt worldwide. But what do these changes mean in practice for developers seeking to build fintech apps to work with bank APIs?