Introducing Universal APIBy Anita Ratnaningsih | Sep 28 2020 23:27
In the era of digital world, every situation is customized to be user friendly, efficient and convenient. This condition also applies in payment system.
People are connected globally, so why don’t we adjust our payment system to be used globally by using an easy single payment method.
Introducing universal API, a payment solution that connects bank account to payment gateways globally. It is a single service that enable the access to identity, balance and transaction data of user’s bank account.
How does this system work? The process begins when the merchant site creates a new payment request and passes to the system all the information required to make the purchase: the amount to be charged, what currency they expect payment in, and what payment methods are accepted by the site. The system determines compatibility between the accepted payment methods for the site and the methods the user has installed on the target device.
The system then provides the payments interface to the user, who selects a payment method and authorizes the transaction. A payment method can be a credit card that is already stored by the system, or as esoteric as a third-party system (for example, electronic money such as OVO or Dana). After the user authorizes the transaction, all the necessary payment details are sent directly back to the site. For example, for a credit card payment, the site gets a card number, a cardholder name, an expiration date, and a CVC.
Universal API is expected to replace traditional checkout flows by allowing merchants to request and accept any payment in a single API call globally.