Apple Wallet users in the UK can now view their current account balance, along with recent deposits and payments, thanks to a new feature that was quietly launched in the iOS 17.1 developer beta. This is the first time that Apple Wallet has supported bank account balance viewing outside the US.
The new feature is powered by the UK’s Open Banking API, which forces the country’s nine major banks to release their data in a secure, standardized form. This allows financial technology companies like Apple to build new products and services that can help consumers manage their finances more effectively.
To use the new feature, users must first authorize it through the Wallet app. They will then need to authenticate using their bank’s app or website. Once authorized, users will be able to see their current account balance, along with recent deposits and payments, directly in the Wallet app.
All banking data will be stored strictly on users’ devices and not on Apple’s servers. This is a key privacy consideration, as it ensures that users’ financial data is always under their control.
The launch of bank account balance viewing in the UK is a significant development for Apple Wallet. It shows that Apple is committed to expanding the capabilities of its mobile wallet platform outside of the US. It also suggests that Apple is open to partnering with financial institutions to build new and innovative products and services.
The new feature is also a sign that Open Banking is gaining traction in the UK. Open Banking is a relatively new concept, but it has the potential to revolutionize the way that consumers interact with their finances. By giving consumers access to their own data, Open Banking can help them to make better financial decisions and to get the best deals on products and services.
It is likely that Apple will bring the same bank account balance viewing feature to other countries in the future, especially those countries that have adopted Open Banking. This would be a positive development for consumers, as it would give them more choice and flexibility in the way that they manage their finances.