The news: Apple Pay’s open-banking integration is now available to all UK users, per a press release.
Consumers can view up-to-date balances, spending history, and other details for debit and credit cards connected to the wallet. Supporting banks include Barclays, HSBC, Lloyds, RBS, Monzo, and NatWest.
Why this matters: This integration brings the Apple Wallet a step closer to being the centerpiece of consumers' financial lives.
- It’s trying to supplant banks as the go-to mobile app for various financial activities, like tracking monthly spending. It could remove an important touchpoint for banks.
- It builds on Apple’s growing reach in financial services—including through the launch of Apple Savings and Apple Pay Later.
What’s next? A US launch should follow shortly.
- Discover partnered with Apple last month to bring its card balances and transaction history to the wallet in the US.
- While still in beta testing, this integration will likely launch soon, and we expect other banks to follow suit and partner with Apple.
- This could change how the projected 60.2 million active US Apple Pay users in 2024 will check their accounts and interact with their banks.
- The change in habits will likely be most noticeable in younger consumers: Adult Gen Z digital banking users are more likely to trust Apple for financial services than their primary bank or credit union, per our June 2022 US Banking Digital Trust Benchmark survey.
