Apple added a new feature for UK Apple Wallet users last month, allowing them to view their current bank account balance and transaction history directly within the app.
The company is leveraging UK’s Open Banking API to fuel the effort, and the feature was available at launch with Barclays, HSBC, Lloyds, RBS, Monzo and Starling bank users.
Barclaycard, First Direct, Halifax, M&S Bank and NatWest banks have now been added to support Apple’s Connected Cards feature.
Apple’s move into open banking expands the capabilities of its Apple Wallet app beyond just facilitating digital payments. Open banking allows 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.
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.
