Apple Pay Introduces Wallet Integration with Open Banking in the UK

On November 16, 2023, Apple Pay introduced an exciting new feature for its users in the UK. This feature leverages the open banking framework, allowing users to connect their debit and credit cards and access account-related information directly within the Wallet app, as outlined in the Finextra News.

Originally soft-launched in September, this feature is now available to all UK residents, enabling them to check their real-time debit card balances conveniently while using Apple Pay for online or in-app purchases.

In addition to viewing their account balances, users can access comprehensive details about their debit card accounts, along with a comprehensive history of debit and credit card transactions, payments, deposits, and withdrawals. This consolidated financial information is accessible within the Wallet app, simplifying financial management for Apple Pay users.

To link their debit and credit cards to Wallet, users can select their cards within the app, which then redirects them to their respective bank’s authentication portal. After following a few simple steps, users can complete the connection process seamlessly.

A wide range of banks in the UK supports this integration, including Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, NatWest, and Royal Bank of Scotland.

Jennifer Bailey, the Vice President of Apple Pay and Apple Wallet, expressed her enthusiasm about this new development, stating, «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.»

She also emphasized Apple’s commitment to working with UK partners as part of the Open Banking initiative. This collaboration aims to enhance users’ financial well-being and provide banks with new opportunities to strengthen their relationships with customers.

With this innovative integration, Apple Pay is poised to provide its users in the UK with a seamless and user-friendly financial experience, enhancing their ability to manage their finances effectively. As this feature continues to evolve, it promises to be a valuable tool for both consumers and financial institutions alike.