Apple To Roll Out iPhone Wallet App In The UK Powered By The Open Banking API
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Tech giant Apple has announced the soft launch of its new iPhone Wallet app integration. The Open Banking API in the United Kingdom will power the wallet integration.
This Wallet application will also be able to display a user’s current account balance from their bank accounts. The wallet can also display additional details, such as the history of payments and deposits.
Apple To Soft Launch New iPhone Wallet App
The balances available in the wallet can also be shown after an individual purchases products and services through Apple Pay. The offering will give users more financial understanding regarding whether they can afford a purchase.
This wallet integration will also be initially launched as part of an upcoming iOS 17.1 developer beta release. The offering will be available to select Wallet app users across the UK. These users will have an Apple Pay card linked to a supporting bank.
The offering is already attracting the attention of leading banks across the UK. These banks include Barclays, Monzo, Starling, HSBC, Lloyds, and RBS.
The offering will allow users to authorize this iPhone Wallet app’s integration securely. The offering will also operate under a popular OAuth flow. The latter redirects a user to the bank’s mobile app or website. This offering will also authenticate a user’s connection.
Apple will continue operating under the usual privacy standards that govern its other products and services. The data secured from this API will be stored securely on the user’s device. This information will not be stored on the servers offered by Apple.
Offering Exclusive To UK Customers
This new offering will only be exclusive to users based in the UK. Global Apple users have been decrying the tech giant for launching services exclusively to the UK before releasing them in other countries.
The UK is an ideal market for this product as the country boasts an interoperable banking standard. The journey towards launching this feature in countries such as the US is still not determined, as the wallet’s integration relies heavily on integrations with banks.
The offering comes more than one year after Apple acquired Credit Kudos, an open banking startup based in the UK. While the acquisition might not be related to the recent offering, it has seen Apple venture into the UK open banking sector.
