Apple Wallet is a very popular Mobile Payment App. Users around the world use this to pay at the shop. It is a very convenient, quick, and safe way to pay. But you cannot check all transactions and the balance of your bank account behind your payment card. This is something users may find inconvenient as the user needs to check the comprehensive transaction and balance of the bank account using the online bank app.
However, Apple UK has launched a new feature in their Wallet App that enables the user to view comprehensive transactions and the balance of the bank account behind the debit/credit card. It is available in the IOS 17.1. The users in the United States are very envious of that because it is exclusive to the UK although Apple is actually an American Company.
Apple UK can implement that because of the good UK Fintech. I live in the UK. I know that there are many under-investment problems, especially in the Infrastructure, which is very poor and many people blame of. However, the UK, as a Global Financial Centre, does very well in the electronic banking system. The Open Banking leads to the possibility of that.
Open Banking API is a System that allows third-party(e.g. the App) access and control of the financial account, subject to stringent data protection laws and banking security.
For the UK Apple Wallet, the principle of viewing the bank balance and comprehensive transactions is very simple. The Wallet App just connects with the Bank Account via Open Banking API. The Wallet App fetches the information in real time. This allows the Wallet to show real-time balance and comprehensive transactions.
I think that it is exceptionally convenient for users with multiple financial accounts. Nowadays, multiple financial accounts are very common. Someone may have a few current accounts and a few credit cards. Users just need to view the accounts summary in Apple Wallet, instead of viewing balances and transactions in each Bank App.
I also personally think that there can be more possibilities in the Apple Wallet beyond just viewing transactions and bank balances. The possibilities can be:
- Setting Up Direct Debits in the Apple Wallet
- Making Payments to other people in the Apple Wallet
- Approving Online Transactions in the Apple Wallet rather than Logging in the Banking App
Of course, when implementing these functions, stringent security standards should be maintained in order to make users rest assured while enjoying convenient services.
If these can be implemented, Apple Wallet will become not only a NFC payment app, but also a centralized place for a user to manage their finances.
Nonetheless, it is a good start for UK iPhone users to view their balances and transactions in the Apple Wallet.
nice post