Apple is testing out a new feature for UK Apple Wallet users, allowing them to view their current bank account balance and transaction history directly within the app.
Available in iOS 17.1 Beta, the company is leveraging UK’s Open Banking API to fuel the effort, and the feature will be available to a select group of Wallet users who have linked their bank card with one of the participating banks, which include Barclays, HSBC, Lloyds, RBS, Monzo, and Starling.
Apple’s move into open banking expands the capabilities of its Apple Wallet app beyond just facilitating digital payments. Open banking will allow users to monitor their financial activities and make more informed spending decisions by displaying their balances and knowing—in real-time—how much money they have in their account without having to open up their separate banking app.
This integration is a significant development for digital wallets, Apple, and open banking.
This move enhances the functionality of digital wallets, making them more than just a tool for digital payments. By showing current account balances and transaction history, digital wallets are evolving into comprehensive financial management tools. This could lead to increased adoption and usage of digital wallets.
For Apple, this is a strategic move to increase the utility of both Apple Wallet and Apple Pay—potentially driving more users towards their ecosystem.
Apple’s open banking pilot program is currently only available in the UK due to its established open banking standard that allows for such integrations. The introduction of a similar feature in other regions, including the U.S., may face challenges due to the absence of comparable standards.
