Apple Wallet app will now be able to show UK users’ current account balance from their bank

Apple Wallet app will now be able to show UK users’ current account balance from their bank

Good morning Fintech Fanatic!

Let's start the day with some fresh news from the tech giant, Apple. In a strategic move towards enhancing its user experience for Apple Wallet users in the UK, Apple has announced a fresh integration in the upcoming iOS 17.1.

For those who have long desired to view their current account balance and transaction history within their Apple Wallet, the wait is finally over (at least if you're in the UK!). Here are the key takeaways:

  1. Seamless Integration: The Wallet app, powered by the UK’s Open Banking API, will now display your bank account balance, alongside a record of your deposits and payments. If you have a credit card linked, it will also showcase your remaining credit limit and balance.
  2. Participating Banks: Currently, the banks on board with this integration include the likes of Barclays, HSBC, Lloyds, RBS, Monzo, and Starling.
  3. Secure Authorization: Apple's put the security of its users at the forefront. To link the Wallet with your bank, users will be redirected to their respective bank app (or website) to authenticate the connection. All data from this API remains on the user's device, ensuring Apple's stringent privacy standards are upheld.
  4. A Boon for Apple Users in the UK: While Apple Cash or Apple Card is still off the cards for UK users, this exclusive feature is a nod to the British banking standards. Notably, such an Open Banking feature is currently absent in the US.

This new integration promises a smoother and more intuitive user experience. Will this set a new standard for wallet apps globally? Time will tell. But for now, cheers to Apple for giving a shoutout to UK-based features!

And now on to more global FinTech news updates I listed for you today👇




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