LONDON—Apple Pay has launched a new feature for customers in the U.K. that allows them to connect their accounts to eligible debit and credit cards in their Apple Wallet via open banking technology, according to a new report.
As CUToday.info has been reporting, the U.K. and Europe have been ahead of the U.S. in open banking, but the CFPB has been pushing efforts to close the gap.
With the new feature, U.K. customers will be able to access their “most relevant” account information regarding their debit card balance and transaction history, including payments, deposits and withdrawals, at the time of making a purchase using Apple Pay in-app or online, Fintech Futures said.
Fintech Futures noted that as part of the move to open banking, Apple said it has been “working closely” with banks to make the feature available to multiple financial institutions in the U.K., including Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, NatWest and Royal Bank of Scotland.
‘Informed Financial Decisions’
“By enabling users to conveniently access their most useful account information within Wallet and at the time of their purchase, they can make informed financial decisions and better understand and manage their spend,” Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said in a statement.
Your Best Holiday Shopping Offer is Here!
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?