More than 15 million people and businesses in the UK – equivalent to nearly one in three adults – used services powered by open banking in July, according to Finextra.
The milestone comes six-and-a-half years after the rollout of open banking in the UK and is up from 10 million just a year ago.
The latest figures from Open Banking Limited (OBL) also show that services powered by the technology were used a record 2.04 billion times, up 3.5% from June, with Brits tapping it for everything from paying taxes to ordering dinner.
Payments remain the biggest driver of adoption, with July’s data revealing that the total value has reached 29.89 million.
Variable Recurring Payments (VRPs) are emerging as a key open banking enabled innovation, giving consumers and businesses greater control and flexibility over regular payments. In July, VRPs accounted for over four per cent of all open banking transactions – an 8.6% increase, to 4.26 million.
Henk Van Hulle, CEO, OBL, says: “This data shows how open banking is now part of everyday life for millions of people and businesses across the UK – from paying taxes to shopping online. It’s fast, secure, and built on trust. To maintain momentum and unlock its full potential, we look forward to working closely with government, regulators and the wider ecosystem, ensuring open banking delivers even greater value, innovation and impact for everyone.”
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
