Apple Pay rolls out new open banking feature for UK customers

New Apple Pay Feature in the UK: Open Banking
- Apple Pay introduces a new feature in the UK.
- Allows customers to link their accounts to eligible debit and credit cards in Apple Wallet via open banking technology.
Access to Relevant Account Information
- UK customers can view “most relevant” account details during Apple Pay transactions.
- Information includes debit card balance, transaction history, payments, deposits, and withdrawals.
Collaboration with Financial Institutions
- Apple collaborates with multiple UK banks for the open banking initiative.
- Participating institutions include Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, NatWest, and Royal Bank of Scotland.
Informed Financial Decisions
- Users can conveniently access crucial account information during purchases.
- Aims to empower users to make informed financial decisions and better manage their spending.
Apple’s Perspective on the Initiative
- Jennifer Bailey, VP of Apple Pay and Apple Wallet, emphasizes the goal of helping users improve their financial health.
- Apple aims to strengthen relationships between banks and customers through the open banking initiative.