The Catch: From Shopping Cart to Shocking Currency
Imagine the following scenario: a person in Tokyo makes a purchase from an internet store that is conveniently located in New York. The sum is still displayed in US dollars when customers check out, but once they have paid, their bank will charge them a conversion fee. So, what took place? An email expressing anger, and possibly even a request for a refund.
This is not an unusual occurrence; it is a problem that arises on a daily basis for global e-commerce when the process of converting currencies in real time is not carried out effectively. And what is the solution? An application programming interface (API) for a currency converter that is functional.
When a buyer clicks the “Pay Now” button, Real-Time Currency Conversion APIs ensure that they are always presented with detailed and accurate live exchange rates. For platforms that sell their products all over the world, this is the difference between carts that are abandoned and clients who are satisfied and loyal to the platform.
Why Application Programming Interfaces for Currency Are Necessary for International Online Shopping
Electronic commerce is expanding at a rapid rate all around the world. Cross-border e-commerce sales reached over $5.5 trillion in 2022, as reported by eMarketer. It is anticipated that these sales will continue to rise as the act of acquiring goods and services online becomes increasingly globalized.
Nevertheless, the issue does not go away: hidden currency fees. It has been found by the Baymard Institute that approximately 25% of customers who make purchases online abandon their carts if they are unable to view prices in their own currency. That’s a waste of money that’s going for nothing.
Through the publication of live currency exchange rates, this issue has been resolved. Customers have the ability to view the price immediately, regardless of the currency that they choose to pay in. As the level of trust increases, the number of conversions also increases.
What Makes a Strong Currency Converter API
If you are the product manager or proprietor of an e-commerce website, you may be curious about the characteristics that distinguish a good exchange rate API from a horrible one.
- Accuracy of current currency rates
- The reliability of data that is out of date is negatively impacted. An API that is reliable will ensure that live currency rates are kept up to date in real time or almost real time.
- In the case of OANDA and XE, for instance, their APIs for currency conversion are reliable; nevertheless, their coverage of the Indian Rupee (INR) may not be as comprehensive as that of India-first fintech such as IBRLIVE.
- Speed & Latency
- E-commerce places a significant emphasis on milliseconds. APIs such as IBRLIVE guarantee delivery in less than a second, ensuring that purchasers are always presented with updated pricing.
- Ease of Integration
- Using the REST/JSON protocol, having straightforward documentation, and having widgets that are simple to plug in and use makes the development process easier for developers.
- Scalability and availability
- Being responsible for thousands of questions each and every minute?
There should be a 99.9 percent chance that your currency rate API is up.
How Application Programming Interfaces (APIs) Affect E-Commerce
- Prices that alter at checkout
It is possible for customers to view totals in their own currencies on platforms such as Amazon Global, which automatically adjust themselves. With the use of a currency exchange API, even the smallest Shopify sellers are able to provide this level of service throughout Amazon.
- Having no issues with the localization process
People in Brazil would rather see BRL tags than USD ones. They do not want to see USD tags. For the sake of maintaining a local and transparent experience, genuine currency conversion rates are displayed.
- Easy Returns and Refunds are Available
Alterations in the live forex rates are frequently the root cause of issues with refunds. APIs ensure that refunds are calculated correctly, which eliminates the need for debates over the matter.
- Billing for memberships that are international in scope
Take, for example, Netflix or software as a service (SaaS) tools that bill in US dollars but collect in Indian rupees or European euros. It is completely compatible with an API for currencies.
- Making travel and flight reservations
The prices of airline tickets are displayed on websites such as Booking.com in more than one currency. Tickets would be priced in a manner that is completely unpredictable if there was not a live currency conversion API available.
A Comparison Between Global Giants and IBRLIVE as Providers
- OANDA – There is a lot of historical data available on OANDA, which is a trusted platform all around the world; nevertheless, it is pricey for new enterprises.
- XE – There are not many tools available for developers, but XE is a good brand for customers and offers free utilities.
- Fixer.io / Currencylayer – Both Fixer.io and Currencylayer are REST-based APIs that are inexpensive and suitable for use by small organizations.
- IBRLIVE – There is no better API Provider for e-commerce in India than IBRLIVE. Built with the Indian Rupee (INR) as the primary focus, matched with the Reserve Bank of India (RBI), and including minimum latency that no other APIs in the world can match.
IBRLIVE gives you depth, compliance, and speed, which are the three most crucial things for fintechs, AD II forex companies and Indian e-commerce platforms. To summarize, international providers give you a lot of possibilities, but IBRLIVE gives you all of these things.
Developer Corner: How to Put a Currency API to Work for You
How exactly does one go about incorporating an application programming interface (API) for an exchange rate into a financial software or an online shopping website?
- API Key: After you have obtained an API Key, you should then register with your provider (IBRLIVE, Fixer, or Currencylayer).
- Call Endpoints: For instance, the GET request with the base parameter set to USD produces JSON that contains all of the most recent currency conversion rates.
- Render Data: The data that is rendered is displaying the phrase “1 USD = ₹83.20” or embedding a graphic, such as a live EUR/USD chart or a live dollar index chart, is acceptable for use in internal dashboards.
- Handle Errors: In the event that you do not have a backup source and cache rates, it is comparable to trading foreign exchange without a stop-loss. When one of your APIs fails, you are finished.
- Monitor & Scale: When monitoring and scaling, you should always be sure to check for latency, uptime, and accuracy.
In order to ensure that both developers and customers have a positive experience, these suggested practices for integrating APIs for currency rates in fintech are implemented.
Lessons We Can Take Away from Our Mistakes and the Human Element
A friend of mine had a little Shopify store where he sold watches to customers all over the world. The first thing he did was make use of static conversion tables. One week, when the Indian Rupee (INR) was falling against the United States Dollar (USD), he charged his Indian customers an excessive amount. Over the course of just a few months, he was seeing a decline in his reputation, as well as an increase in the number of refund requests and PayPal disputes.
On the other hand, retailers who make use of a Real-Time Currency Conversion APIs never give their customers the impression that they are being deceived, even when exchange rates fluctuate. That is the amount of money you will lose in the actual world if you do not make use of real-time application programming interfaces.
Why IBRLIVE Is a Revolutionary Step Forward for Electronic Commerce in India
Let’s get right down to business: if you are an Indian AD II forex firm or an e-commerce company that is interested in expanding your operations to a worldwide level, the currency exchange API that IBRLIVE offers is ideal for you.
- India-Centric Accuracy: Unlike global APIs, which don’t take into account the Indian Rupee until much later, India-Centric Accuracy provides data in the Indian Rupee upfront.
- Compliance-Ready: This indicates that it abides by the rules established by the RBI, which is something that international suppliers do not always do.
- Low Latency: A low latency means that updates are made in less than a second, which ensures that customers never view outdated numbers.
- Developer Friendly: Developers will find it easy to use the REST APIs, the rapid onboarding process, and the JSON responses.
In a nutshell, Global APIs might provide you with the capabilities you require, but IBRLIVE provides you the advantage where it really matters when it comes to local trust, compliance, and speed.
Conclusion: Don’t Sell Yesterday’s Rates
If you do not have access to a live currency exchange API, operating an online store is analogous to attempting to trade foreign exchange using the chart from the previous day; it is a losing game. Customers have a desire to be informed about what is going on, and authorities are eager to ensure that this is the case.
Make use of IBRLIVE’s currency converter application programming interface (API). This is the finest course of action for both Indian e-commerce businesses and overseas fintech corporations. Besides being an advance in terms of technology, it is also an improvement in terms of trust.
FAQs
Q1) To begin, what is the distinction between a free currency converter API and a premium language converter API?
- A) When it comes to small websites or blogs, free application programming interfaces (APIs) like ExchangeratesAPI.io are suitable; nevertheless, they do not necessarily ensure accuracy, speed, or uptime. Paid application programming interfaces (APIs) such as IBRLIVE guarantee that the data is correct and suitable for compliance.
Q2) Is it possible for application programming interfaces (APIs) to create live charts, such as the live chart for both the EUR/USD and the FX trading?
- A) APIs that are compatible with charting tools such as TradingView have the capability to display data in real time to merchants or traders.
Q3) Do application programming interfaces (APIs) feature live displays for items like the dollar index or not?
- A) Few of complex application programming interfaces (APIs) and market data vendors do, in fact, include dollar index values. However, the most fundamental live currency rates are typically sufficient for online transactions.
Q4) When it comes to integrating APIs, what are the most effective methods?
- A) Utilization of REST/JSON, redundancy, caching, secure endpoints, and monitoring of uptime are all essential components of reliability.
