The upcoming Apple iOS 17.1 developer beta shows off the initial functionalities of the new iPhone Wallet app, which is powered by the Open Banking API in the United Kingdom.
The first features of the new iPhone Wallet app, which is powered by the Open Banking API in the United Kingdom, are visible in the next Apple iOS 17.1 developer beta. Brits will now be able to view their transaction history and account balance from approved banks via the Wallet app. When using Apple Pay, the balances will also be displayed online, giving users additional financial awareness to determine whether they can afford the transaction.
However, because the United Kingdom has an open banking standard that is compatible, Apple is only offering this functionality there.
Roughly half of all iOS users — 56 million in the United States — made in-store payments using Apple Pay in April 2023, out of the 130 million iPhone users who have enabled the feature. Additionally, there were a projected 25 million Google Pay users in 2021, and by 2025, that number is expected to increase by an additional 10 million users. According to a recent VisaV +0.1% survey, one in three Americans now utilize tap-to-pay when making transactions, which is seven times more than three years ago. Nearly two thirds of in-person transactions worldwide are made via contactless payments, according to a survey by MastercardMA +0.1%.
