Apple Pay’s Open Banking Integration for UK Wallet Users Explained

Thanks to Apple Pay’s open banking integration that was soft-launched in September 2023, users across the UK can now enjoy an innovative feature in the Wallet app. But what exactly is it all about, and how can consumers benefit from it? This guide is here to answer all the burning questions!

The New Feature in a Nutshell: What Can Users Expect?

The iOS 17.1, released on October 25, was the first opportunity for the UK public to test Apple’s new open banking integration. This innovative feature enables users to do the following:

• View up-to-date balances
• Check spending history
• Access additional details for debit and credit cards connected to the Wallet

Even more importantly, the balances will also be displayed inline when a payment is made via Apple Pay. This is designed to promote financial awareness and enable users to assess whether they can responsibly afford the purchase.

Getting Started With the New Apple Wallet Feature

If you live in the UK and have a local bank account, chances are you are already able to test out this exciting Apple Wallet update.

The list of banks supported by this feature includes the following institutions:

• Barclays
• Barclaycard
• First Direct
• Halifax
• HSBC
• Lloyds
• M&S Bank
• Monzo
• NatWest
• Royal Bank of Scotland

If your bank is on the list and you have the latest version of iOS 17.1 installed on your device, here is how you can enable the new feature:

1. Link your account with the eligible card in your Wallet
2. Once you select an eligible card, you will be directed to the app or website of your financial provider to authenticate your account
3. Follow the specified steps to activate the connection

It’s as simple as that! However, keep in mind that you will be required to provide your consent in accordance with Open Banking standards to finalize the account linkage.

Why Is This Update Great News?

So what makes the open banking integration big news? In short, it is the fact that this new feature brings Apple Wallet one step closer to taking center stage in consumers’ financial lives.

This project ultimately aims to replace traditional banking apps as the preferred platform for a range of financial tasks, including the monitoring of monthly expenditures. It is also a crucial puzzle piece in Apple’s major effort to expand its presence in the financial services sector, along with initiatives like Apple Savings and Apple Pay Later.

Will This Initiative Be Expanded to Other Countries?

Apple users around the world often find themselves disappointed by the prevalence of US-exclusive features. However, in a rare turn of events, the case for this initiative was different. The decision to roll out this new feature in the UK was mainly due to the presence of a widely adopted interoperable open banking standard in the country.

While the prospects of extending this feature to other areas seem to be less straightforward, it is expected that a US launch will follow in the foreseeable future. Yet, it is crucial to note that outlining a more specific time frame will only be possible once the local regulators mandate open banking.