Application program interface (API) monetization plays an important role in unlocking the value of API programs and boosting their adoption globally. Monetization helps API providers reach beyond present business models, scale up API programs, and open new opportunities for developers, customers, and partners. API monetization plays a crucial role in billing facilities and creating billing documents.
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API monetization platform is creating significant opportunities for businesses, developers, and customers. It is also creating new market channels for end-users. APIs allow companies to grow beyond their enterprise boundaries and drive revenue generation through new business models.
They help organizations expand the reach of their business capabilities through rapid consumption of an existing model. They help in providing access to assets, thereby enabling new and innovative use of assets to generate additional revenue.
The API ecosystem essentially has three important stakeholders: API provider, API developer, and end-user/customer. The API provider chooses which business assets are under API and important for driving the success of API.
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The API developer uses API under given terms and conditions and supplies applications to the end-user. The end-user does not have access to the APIs but is benefitted from the use of app provided. API monetization options are divided into four categories: free, developer pays, developer gets paid, and indirect.