Apple introduces new Wallet integration for enhanced financial control

November 20, 2023

Global tech giant Apple has unveiled a new feature for Apple Pay users in the U.K which aims to enhance users’ financial control.

The introduction of this new feature aligns with Apple’s commitment to enhancing the user experience, it does so by integrating crucial financial insights into the Wallet app in a bid to facilitate informed and confident purchasing decisions for its users.

The new feature enables users to connect their accounts to eligible debit and credit cards. It allows users to conveniently view crucial financial information, including up-to-date debit card balances, at the point of purchase. This empowers users to make more informed decisions and gain better control over their finances.

Additionally, the feature provides insights into debit card account details, spending history, payments, deposits, and withdrawals, all conveniently accessible within the Wallet app.

For users to leverage this feature, they must have the latest version of iOS 17.1 and connect their accounts to eligible cards in the Wallet. Authentication and consent through the financial provider’s app or website are necessary steps, ensuring compliance with Open Banking standards.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said, “By enabling users to conveniently access their most useful account information within Wallet and at the time of their purchase, they can make informed financial decisions and better understand and manage their spend. We look forward to working with U.K. partners under the Open Banking initiative to help users better their financial health, and provide more ways in which banks can deepen their relationships with customers.”

Keep up with all the latest FinTech news here