Apple has reportedly soft launched an iPhone Wallet app integration that provides users in the United Kingdom with their current account balances and transaction histories.
This new offering is powered by the U.K.’s Open Banking API, 9to5Mac reported Wednesday (Sept. 27).
Apple did not immediately reply to PYMNTS’ request for comment.
By offering real-time financial information, the Wallet app empowers users to make informed decisions about their purchases and promotes responsible spending habits, according to the report.
The Wallet app’s integration with the Open Banking API enables users to view their current account balance directly from their bank, the report said. Additionally, users can access a detailed history of deposits and payments, allowing them to track their spending patterns and gain a better understanding of their financial health.
When making purchases with Apple Pay, users will now have the added advantage of seeing their account balances inline, per the report. This real-time information empowers users to make informed decisions about their purchases, ensuring that they can responsibly afford the transaction.
To ensure the security of users’ financial information, Apple has implemented a secure authorization process, according to the report. Users seeking to authorize the integration into the Wallet will be redirected to their bank’s app or website, where they can authenticate the connection.
In addition, Apple maintains its commitment to privacy by ensuring that any data retrieved from the Open Banking API is stored solely on the user’s device and not on Apple’s servers, the report said.
The Wallet app integration will be initially rolled out as part of the upcoming iOS 17.1 developer beta, exclusively for a subset of Wallet app users in the U.K., per the report. Supporting banks in this initial rollout include Barclays, HSBC, Lloyds, RBS, Monzo and Starling.
The decision to launch this feature exclusively in the U.K. is attributed to the country’s existing interoperable open banking standard, the report said.
About 10% of the U.K.’s population were using open banking services as of January, according to Open Banking Limited (OBL). The number of active users crossed the 7 million mark around the same time the nation celebrated the fifth anniversary of adopting open banking regulations.