Brits made 11.4 million open banking payments in July, a nine percent rise on the previous month.
In brief:
-Among the key drivers of growth are single domestic payments, which recorded 10.5 million transactions in July, an eight per cent increase from June.
-The top three use cases for open banking transactions, ranked in order of volumes, are: account top-ups, credit card bill payments and e-commerce
-This was propelled by government payments solutions and the onboarding of several financial institutions and investment platforms
What does this mean?
Marion King, chair and trustee, Open Banking Limited, says: “The strong and sustained growth in open banking payments underscores the rapid pace at which open banking is reshaping the financial and payments landscape.
