01 September 2023

UK sees record month for open banking payments

Written By FinTech Alliance in Open Banking

UK sees record month for open banking payments

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.

Read more here.

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