Apple has silently launched a new feature in beta exclusively for UK users, extending the capabilities of the iPhone Wallet app.
This innovative feature, powered by the United Kingdom's Open Banking API, empowers users to access real-time information about their financial health.
9to5Mac tells us that UK users can now conveniently view their account balance, recent deposits, and payments from the Wallet app.
Moreover, this information is displayed inline when making purchases with Apple Pay, helping users make more informed financial decisions.
New Feature Now Live
Engadget reports that this remarkable integration is being rolled out as part of the upcoming iOS 17.1 developer beta, signaling Apple's commitment to enhancing the user experience and staying at the forefront of digital finance.
However, it is essential to note that this feature will be initially available to a select group of Wallet app users in the UK with an Apple Pay card associated with specific supporting banks.
The participating banks in this initial rollout include some of the UK's major financial institutions: Barclays, HSBC, Lloyds, RBS, Monzo, and Starling.
Check It Out
For users eager to unlock this feature, the process is designed with simplicity and security in mind.
To authorize the integration, users will follow a familiar OAuth flow, where the Wallet app will seamlessly redirect them to their respective bank's app or website for authentication.
This feature maintains one hallmark of Apple's commitment to user privacy. All data retrieved through the Open Banking API is stored exclusively on the user's device and is not uploaded to Apple's servers.
This ensures that sensitive financial information remains in the hands of the user, enhancing data security and privacy.
A Closer Look
9to5Mac notes that while Apple enthusiasts outside the UK may be accustomed to coveting US-only features, this time, the tables have turned.
The launch of this feature exclusively in the UK is attributed to the existence of a robust and interoperable open banking standard within the country. It is an exciting development for UK users who now have access to a powerful tool for managing their finances.
As for the rest of the world, the path to enjoying similar features remains uncertain. The absence of Open Banking standards in many regions, including the US, poses challenges for Apple's global expansion of this service.
However, the success of the iPhone Wallet in Europe, where Apple effectively dominates smartphone-based payment systems, hints at the potential for similar features to make their way to the continent.
This move by Apple is also contextualized by its recent acquisition of Credit Kudos. This company specializes in leveraging Open Banking to provide users with insights into their financial health and creditworthiness.
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