Apple Introduces New iPhone Wallet Feature in the UK, Leveraging Open Banking API for Real-Time Account Balances and Transactions

Apple Introduces New iPhone Wallet Feature in the UK, Leveraging Open Banking API for Real-Time Account Balances and Transactions

Apple's Wallet Feature Powered by Open Banking API, Allows UK Users to View Account Balances, Recent Transactions, and Apple Pay Expenditures in iOS 17.1 Beta

Open Banking, a regulatory framework unique to the UK, mandates the country’s nine major banks to release their data securely and in a standardized format. While such a system does not currently exist in the US, efforts are underway to develop a similar framework. In the European context, a parallel system called PSD2 was introduced in 2020. Apple’s successful implementation of this Wallet feature in the UK could potentially pave the way for its expansion into other European markets, where it already dominates smartphone-based payment systems through Apple Wallet.