Why is there a need for the GSMA Mobile Money API Specification? A comparison with other industry standards
There are a variety of approaches that mobile money providers could potentially use to deliver open APIs to their ecosystem partners, such as creating their own bespoke APIs or utilising an existing API standard aimed at Digital Financial Services Providers (DFSPs). Mobile money providers can also integrate with interoperability software which offer DFSP APIs. The GSMA Mobile Money API (GSMA API) Specification offers an alternative approach. By providing a harmonised API Specification for mobile money use cases developed in collaboration with the mobile money industry, it promotes an industry defined common API.
This paper examines these different approaches and outlines the findings of detailed analysis undertaken on the scope of the existing API standards and APIs, and how they compare with the GSMA API. Based on this examination and analysis, the paper argues that adoption of the GSMA Mobile Money API Specification offers unique benefits for mobile money providers and presents the optimum approach for delivering open APIs.