Apple is further embracing Open Banking by integrating the technology to its digital wallets for UK debit and credit cards.
Users can now view and access relevant transaction information on Apple Pay, such as up-to-date debit card balance, enabling users to make more informed purchases and frequently view information for greater control.
Once making a purchase and checking out with Apple Pay, users will be able to see the transaction process to determine if it “fits into their budget and spend”, a critical time for UK consumers as they are still currently navigating the cost-of-living crisis.
Additionally, users will be able to view their debit card account details, as well as debit and credit card spending history, payments, deposits, and withdrawals, all in their Apple Wallet.
Jennifer Bailey, Vice President of Apple Wallet, commented: “By enabling users to conveniently access their most useful account information within Wallet and at the time of their purchase, they can make informed financial decisions and better understand and manage their spend.
“We look forward to working with UK partners under the Open Banking initiative to help users better their financial health, and provide more ways in which banks can deepen their relationships with customers.”
For Apple Pay users to access the new Open Banking integration, they must have the latest version of iOS 17.1 downloaded, in order to select an eligible card to authenticate their account and connect.
Users will then be shown information to access their wallet to permit consent to obliging and adhering to the Open Banking guidelines.
Apple has also reassured users that the new Open Banking capabilities will be under the same private and data security measures it has attained over its other payment services.
Transaction history and other account details are stored on the device and not on Apple servers, the tech giant revealed, also enabling the ability to remove the Open Banking feature at any time by disconnecting it through the account settings.
As part of the UK’s Open Banking initiative, Apple has been working closely with banks to make the feature available to multiple financial institutions in the country, including Barclays, HSBC, Lloyds, NatWest, and Royal Bank of Scotland.
