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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.
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.