Apple Pay Introduces Feature to Enhance User Financial Control

Published 6 months ago

Apple Pay users in the U.K. now have access to a new feature that allows them to connect their debit and credit cards in Wallet to view updated account information at the time of purchase. This development is aimed at giving users more control over their finances.

Easy Access to Account Information

The new feature enables users to view their current debit card balance and transaction history conveniently in their Wallet. This information is readily available when checking out with Apple Pay online or in-apps, allowing for more informed purchase decisions.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, expressed optimism about the feature’s potential to enhance users’ financial health and deepen banks’ relationship with their customers.

Secure Connection to Financial Providers

To use this feature, users must install the latest iOS 17.1 version and connect their eligible cards in Wallet. The connection process requires authentication through the financial provider’s app or website, adhering to Open Banking standards.

Before granting access, users are shown the information that will be accessible in Wallet and must consent to share their data. Account balance information, transaction history, and other account details are stored on the device and not on Apple servers. Users can disconnect their account at any time through Settings.

Privacy and Security Assured

Like its other services, Apple assures that this new feature is designed to provide privacy and protect user data. The company has been working closely with multiple financial institutions in the U.K., including Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, NatWest, and Royal Bank of Scotland, to make this feature available.

Expansion of Apple Pay Services

Since its launch in 2014, Apple Pay has provided consumers in over 70 markets a secure and private way to make payments using their known credit and debit card brands. The service has also enabled banks and fintech companies to deepen their relationships with consumers, issue digital cards instantly, replace lost or stolen cards quickly, and reduce fraud. This new feature further extends Apple Pay’s offering by allowing consumers to frequently view their most relevant account information in Wallet and at the time of purchase.