Apple releases a new open banking feature for Apple Pay users in the UK

Apple Pay, a contactless payment service provider available in Saddleworth and other parts of the UK, has rolled out a new open banking feature. And it’s special in many ways. For instance, it allows users to access banking information from their iPhones instantly and on the go.

So, suppose you’ve been using Apple to do virtually everything, from paying for groceries to funding online casino accounts accessible on mobiles. In that case, the new open banking feature for Apple pay makes your experience even easier.

What is open banking?

Open banking is a technology that uses application programming interfaces (APIs) to give systems like Apple Pay access to financial data from banks and other financial institutions. So, when you hear someone mention open banking together with Apple Pay, it means that the relevant financial institutions have opened up their data for the latter to access, use, and share as per regulations.

Earlier this year, Apple announced its soft launch of an iPhone Wallet app integration tailored to allow users in the UK to check their bank transaction histories and update account balances. That was on 27 September, 2023. Roughly two weeks later, the company has taken another step by introducing a better open banking feature that no one could imagine some years back.

What can Apple’s new open banking feature do?

Apple’s new open banking feature lets you connect valid credit and debit cards to Apple Pay and do several things. First, it enables you to check your debit card balance. How cool is that? Say goodbye to having to go to an ATM, risking getting mugged, and dealing with unnerving fees, all to check if you are running dry or have enough in your bank account.

Moreover, with the new feature, you can easily check all your transactions, from deposits, withdrawals, and payments. That is crucial because it’s the key to staying on top of your spending habits and cutting back if necessary. It also helps you spend what you have and avoid overdrafts, which often attract significant fees.

Equally significant, by allowing you to check transactions, this new Apple Pay feature puts you in a better position to identify suspicious activities. This is especially crucial for kids who use their parents’ credit cards without permission.

And when left unchecked, such incidences can lead to hefty financial repercussions. But you don’t have to worry too much now that Apple Pay has rolled out the next-level open banking feature.

What you need to enjoy the new Apple Pay feature

Apple’s new open banking feature is only accessible to people who:

• Own Apple phones running the latest version of IOS 17.1. Remember, Apple Pay only works on iPhones. Therefore, you can’t use it if you have an Android device. Also, the OS requirement is non-negotiable. That means, for you to leverage this integration, you must have an iPhone XS or a better model compatible with IOS 17.
• Have eligible credit cards. Apple Users who have also partnered with the Royal Bank of Scotland, Barclays, Lloyds, NatWest, Mozo, Halifax, First Direct, Barclaycard, M&S Bank, and HSBC can enjoy the new feature. Suppose your cards aren’t affiliated with any of these financial institutions. In that case, you may have to wait until Apple Pay starts working with your service provider or switch to a supported company.

How to access Apple Pay’s new feature

If you meet all stipulated requirements, follow these steps to access the Apple Pay feature.

• Step 1: Go to Apple Wallet, where you store the debit and credit cards you use with Apple Pay, and specify your card. If you don’t have the app, download it from the Apple app store.
• Step 2: Once you’ve selected a valid card, the app will take you to your financial service provider’s website or app. There, you’ll need to authenticate your accounts. Once you’ve done so, you’ll receive instructions to connect your accounts.

But before the full integration, you must consent to the UK Open Banking requirements. Be sure to read and understand everything before proceeding.

Final thoughts

Using Apple Pay in the UK has a plethora of benefits. First, it’s safer than using a conventional debit or credit card, which you have to carry around and can be stolen by malicious actors. Not to mention, Apple Pay optimises your security and safety by requiring anyone using your Apple Pay to use a specific passcode, Face ID, or Touch ID to initiate every purchase.

And now, using this payment service has one more perk. Thanks to the new open banking feature, rolled out in mid-November 2023, you can now conveniently check your bank balance, transaction history, and payments made to different entities, including your favourite Saddleworth pub, from your iPhone. What a day to be alive!

Featured image via Apple Support – YouTube