A new feature is available for Apple Pay users in the UK, enabling them to connect their accounts to eligible debit and credit cards in Wallet. This will allow users to view and access their relevant information, most notably their up-to-date debit card balance. This information will be available to view at time of purchase. This feature helps users to make more informed purchases, increases their confidence when making a transaction, and allows them to simply view frequent information so that they have more control when it comes to their finances.
While Apple Pay and other products have introduced increased ease when it comes to payments, it is easy to see the money going out than is it to see the money that is already in your account. With this expansion, Apple Pay makes this information easy to find.
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.”
Users will be able to view their up-to-date debit card balance in Wallet and when they’re checking out with Apple Pay online or in-apps. As users make a purchase they will be able to see what’s in their debit card balance so they can quickly and more easily determine if and how it fits into their budget and spend.
Additionally, users will be able to view their debit card account details, as well as debit and credit card spending history, payments, deposits, and withdrawals, conveniently in one place in Wallet.
Information is store on the Apple device, not in servers
Having your banking information out on display in public could rightfully present privacy concerns. When enabling this new feature, users select an eligible card, they’ll be taken to their financial provider’s app or website in order to authenticate their account. From there, they will follow the steps to enable the connection. Before an account is connected, users will be shown what information will be made accessible to them in Wallet and need to provide consent, adhering to Open Banking standards.
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This feature is designed to be private and protect user data. Users must authenticate through their financial provider’s website or app, as well as consent to connect their accounts to their cards in Wallet and share their data, before the feature is enabled. The user’s account balance information, transaction history, and other account details are stored on the device and not on Apple servers.