Fintech & Ecommerce

Apple Reportedly Adds Open Banking-Powered Capabilities to iPhone Wallet

The media reports that Apple has launched an integration with the iPhone Wallet app, through which users of this digital product living in the UK have access to information about their account balances and transaction history data.

Apple Reportedly Adds Open Banking-Powered Capabilities to iPhone Wallet

The technology giant’s new offering is based on the open banking API of the United Kingdom. The media reports that the app Wallet provides users with financial information in real-time. In this case, consumers have access to data that allows them to make decisions about purchases that are reasonable from the point of view of commercial expediency. Also, users of the technology giant’s app, by performing actions within the framework of the practice formed on the basis of the principle of maximum awareness about the potential of the personal budget, will gradually develop the habit of spending funds in the context of a responsible approach to the disposal of financial resources.

The integration of the app Wallet with the open banking API will provide consumers with the ability to view the current account balance directly from the bank. In this case, users also have access to a detailed history of deposits and payment transactions. These solutions allow you to track the structure of expenses and form a full understanding of personal financial situation.

As a result of integration, when making purchases using Apple Pay, users receive an additional advantage, which is the ability to see the account balance in real-time. The relevant information allows consumers to adequately assess their financial resources when planning purchases. Also, in this case, something like a guarantee of responsible payment of transactions is formed.

Apple has taken care of ensuring the security of users’ financial information. The company has implemented a secure authorization process. Users who decide to authorize integration into a digital wallet will be redirected to the app or to the website of the bank of which they are clients. After that, they will have the opportunity to authenticate the connection.

Apple continues to be a consistent privacy advocate. The technology giant guarantees that all data obtained from the Open Banking API is stored only on users’ devices. The company claims that the relevant arrays of information are not available on Apple’s servers.

Integration with the app Wallet will initially be implemented as part of the beta version for iOS 17.1 developers. Access to the new offer of the technology giant will be provided exclusively to a subset of app Wallet users in the United Kingdom. Financial institutions that support the company’s solution include Barclays, HSBC, Lloyds, RBS, Monzo and Starling.

The media reports that the decision of the technology giant to launch a new solution on a limited scale of distribution in the United Kingdom is due to the fact that there is a compatible standard of open banking in this country.

In January, about 10% of the local population used open banking services in the UK. The number of active users of the relevant services has exceeded the landmark mark of 7 million people. The United Kingdom has celebrated the fifth anniversary of the adoption of open banking rules.

As we have reported earlier, Apple Card’s Savings Account Exceeds $10 Billion.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.