Rise of APIs – Payments and Other Financial APIs See Huge Growth Spike

APIs, or Application Programming Interface, have seen tremendous growth, especially in the finance space. The spike in numbers comes as no surprise with the ever-increasing number of fintech startups as well as traditional banks and financial institutions rushing to integrate APIs in some form or the other.

Other factors contributing to this growth, according to Wendell Santos, Editor at ProgrammableWeb, include regulations, customer needs & expectations and the increasing maturity among API developers.

“The proof is in the pudding,” Santos told Bank Innovation, “This growth is likely to continue.”

More recently, Santos compiled a chart depicting the growth of APIs in the finance space. Santos complied these numbers through ProgrammableWeb’s API Directory and included roughly 2,500 APIs that relate to the finance space. He divided those APIs into four categories: Financials, Payments, Banking, and Monetization.

Of these areas, Payments was one of the fastest growing categories.

The growth among these APIs is staggering. See the full chart here.

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