Apple has introduced a new iPhone Wallet feature in beta for users in the UK, allowing them to view their current account balance, recent deposits, and payments. This feature utilizes the UK’s Open Banking API and follows Apple’s acquisition of Credit Kudos, a company that provides users with a snapshot of their financial health and creditworthiness through Open Banking. To access this feature, users must first authorize it in the Wallet app and then authenticate using their bank’s app or website. Data will be stored solely on users’ devices and not on Apple’s servers. Supported banks at the beta launch include Barclays, HSBC, Lloyds, RBS, Monzo, and Starling.
Rarely seen outside the US, this new Wallet feature marks a significant move for Apple in the UK market. Although the Apple Card is not yet available in the UK, the acquisition of Credit Kudos strengthens Apple’s presence in Open Banking. Credit Kudos utilizes the UK’s open banking platform to analyze bank account data and provide insights that help banking providers make faster and informed decisions regarding loans and other financial services. Open Banking, which mandates major banks in the UK to release their data in a secure and standardized format, is unique to the region and differs from the US. However, the US government is currently working toward implementing a similar system. This development suggests that Apple may expand similar features to Europe, where it already dominates smartphone-based payment systems with Apple Wallet.
In summary, Apple has quietly launched a new iPhone Wallet feature in the UK as part of the iOS 17.1 developer beta. This feature allows users to access their current account balance, recent deposits, and payments through the Wallet app. By utilizing the Open Banking API, Apple is capitalizing on its acquisition of Credit Kudos and is establishing a presence in the UK’s open banking platform. Although Open Banking is unique to the UK, it is similar to Europe’s PSD2 system, which could potentially pave the way for Apple to introduce similar features in Europe, where it currently dominates smartphone-based payment systems with Apple Wallet.