Apple Pay users in the U.K. are getting a new update in Apple Pay that helps them view account balances and relevant account information conveniently.
In a newsroom post today, Apple described the update by stating that users in the U.K. will be able to connect their accounts to eligible debit and credit cards in Wallet and view important information within Wallet when making purchases.
The account balances will also be displayed when users check out with Apple Pay online or in-apps. Additionally, information like transaction history, deposits, withdrawals, payments, and other debit card account details will be available within the Wallet app.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, explained the update by saying:
“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 U.K. 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.”
Open Banking is a regulatory standard that monitors the data being shared between banks. Open Banking is, hence, responsible for regulating the process of sharing data between banks, bank customers, and third-party Fintech apps.
Some of the financial providers in the U.K. under the Open Banking initiative are Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, NatWest, and Royal Bank of Scotland. Apple has collaborated with these banks to make the feature available to multiple financial institutions.
To get started with the Apple Pay update, users must have the latest version of iOS 17.1 and connect their account to their corresponding eligible card in Wallet.
After this, the user will be taken to the financial provider’s app or website for authentication. Individuals will also be informed about what information will be shared and will need to provide consent, following the Open Banking standards, before their account is connected.
Lastly, Apple mentioned that the account details for bank account owners will be stored on the application and not on Apple’s servers. They can also disconnect their account by going through Settings.