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Apple Wallet's New Bank Account Feature Likely to Expand to U.S.
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Most High Street banks use open banking. I have it on my HSBC, Halifax, Capital One accounts. Apps already exist that do this like Snoop.
The US isn’t exactly known for its world class banking system. I mean, look how far behind we were on EMV credit/debit cards compared to many other regions of the globe.
And yet I still can't download my Apple Card transactions automatically into Banktivity. It's pretty ironic that the only accounts I have (and I have quite a few) that don't allow me to connect and download transactions are from the world's biggest tech company. 🤯
Being able to see one's account history, transactions, balances, etc. at a glance in Wallet will be nice, but that data doesn't really become useful until it's downloaded into a financial management app like Banktivity, Quicken, etc. I'd love to see Apple buy IGG Software and make Banktivity an Apple app/service. Banktivity has really matured into a great app (despite a few lingering oddities), much much better than Quicken.
Being able to see one's account history, transactions, balances, etc. at a glance in Wallet will be nice, but that data doesn't really become useful until it's downloaded into a financial management app like Banktivity, Quicken, etc. I'd love to see Apple buy IGG Software and make Banktivity an Apple app/service. Banktivity has really matured into a great app (despite a few lingering oddities), much much better than Quicken.
I generally agree with you, but financial/credit markets are heavily regulated and vary considerably from a country to another (even within the country sometimes). As much as I want the Apple Card international expansion, I understand that it’s not a service that Apple can easily scale outside of the US.
This is a great feature to make my debit card useful in Wallet. Right now it just sits there, doing nothing. Maybe now I’ll be incentivized to watch my spending and… oh, who am I kidding? Back to Starbucks!
Don't know about Revolut, but Monzo certainly isn't crappy. Fully switched from Natwest to Monzo a while ago, and it's vastly superior.
Curious in what way EMV benefited the consume that made us behind by not having it? In Europe, it was purely a benefit for the banks (as it made it so that the consumer had a much more difficult hurdle to prove fraud). The U.S. still has a much larger penetration of credit cards than most countries that made debit card (PIN based, non-swipe) never really be a substantial thing here.
Out of interest, why do you think Revolut is crappy?
Likewise, Revolut is brilliant. Great app, great services, and yes, open banking compatible.
??? Are you suggesting contact less payments aren't a benefit for the user of the cards? The near instant general roll out of standards-based technology allowed things like Apple Pay to be accepted as good as overnight. And also public transport/transit systems to be integrated instead of having to have a different card for each system. And what about card acceptance for small independent traders.
You make it sound like it is a good thing that everyone is using credit.
History has repeatedly shown that is not really the case.I'm envisioning Apple having to make separate deals with each Apple Pay supporting bank and writing specific code for each of those banks to get it working in the US. Seems like they'd be better off not supporting it until the US passes its own version of open banking, whenever that ends up being.
Most small businesses in the US prefer cash because card acceptance is still an order of magnitude more expensive than in Europe. If it weren't for the fact that most Americans use cards now, small businesses would pretty much still all only accept cash, Apple Pay or no.
You make it sound like it is a good thing that everyone is using credit.
As long as we have a system that doesn't guarantee certain rights that people in other countries have (for example, minimum warranty periods), we're going to have to rely on credit cards to fill in the gaps. And yeah, that's definitely not ideal for numerous reasons.
Your bank balance showing in the Apple Wallet app? I don't think so.
RE:UK-first, wasn't TfL the first major transport network to "accept" Apple Pay way-back-when? I seem to recall at a conference them announcing it.
I’d like the option of making balances available in the NFC payment screen, but just the wallet app. I‘m probably not the audience for this feature - I never use the wallet app (so opening that is no easier than opening my bank’s app) and I only really use one card. If somebody uses multiple credit cards it could be useful for them to see the balances when selecting the one to pay with?
At least they are showing a realistic available balance of £15.59 instead of thousands of pounds/dollars like you see in most marketing.
Having just come back from a holiday in the US and (thanks to this forum for a while!) was prepared for Apple Pay still being not exactly the same experience as the UK, this doesn’t surprise me that we’ll get this first.
I got stared in Denys in Vegas for paying for breakfast with my watch 😂
I got stared in Denys in Vegas for paying for breakfast with my watch 😂
Wait, so that's what all the fuss is about? Just that the balance is showing in the Wallet app? Like, somehow, the Wallet app is even necessary to access or be prominent anywhere at any point so that this is a necessary and profound evolution?
What?
I've been able to connect a debit card to Apple Pay and use my iPhone to pay for pretty much everything pretty much everywhere for years now. And I live in a ****** little rural township. I don't even access the Wallet app, like, at all, for anything, other than to update my card details when they change. I see real time balances in a bank app widget which also acts as a button for the app if I need to access it for instant transfers (called PayID in Australia) or anything else bank related.
Why is this a big deal?
That is a regulatory nightmare I wouldn't wish on anyone ever. While I am pre-law I am not detail orientated. The legal team at Apple must be absolutely insane. For one cellular phone regulations are already a nightmare do to the nature of licensed spectrum usage but on top of that they add features and apps that inherently are just going to jam up their legal team from how cutting edge and innovative they are.
I mean I do worry about this but Apple seems to legit make security a big deal and an even bigger deal for financial aspects like Apple Pay. It also doesnt hurt that a lot of these regulators and their employees themselves have iPhones so if there is some big data breach the people that have to hold Apple accoutable likely have personal skin in the game.
Like everything these days, regulation will be ten years too late to be of much use.
Australia has a massive problem with scamming and hacking. Literally billions lost every year, a lot of which comes from people who can ill afford to lose that money. And yet, we still have no real regulatory teeth that require institutions to be secure or laws around compensation, just a patch-work of hastily written stuff in a desperate attempt to catch up.
From what I can gather, this is pretty much par for the course in most countries.
I'm actually considering opening an account with zero remote accessibility. That way I can keep some funds secure and only have my day-to-day accounts accessible by phone/internet. Which probably isn't feasible for very long given that most banks have closed most physical branches here and that trend looks to continue until there are pretty much none left.
Maybe I should invest in a heavier mattress?
Wallet is available on iPad and Mac.. iPad go to Settings > Wallet > can add/remove cards here.
Mac go to Apple logo top left corner > System Settings > Wallet > can add/remove cards here.
So you can use Apple Pay on iPad and Mac now there is no dedicated wallet app on your desktop and cant use iPad for contactless payment at a store.