Open Banking Limited (OBL) has published new data showing significant growth in July as the UK strengthens its position in the global digital finance space.
Last month, over 15.6 million individuals and businesses in the UK used Open Banking, equivalent to nearly one in three adults. This is also the month in which the technology was used 3.5% more than in June for use cases such as paying taxes and ordering takeout. Millions of people and businesses are embracing Open Banking services to gain greater control over their finances and how they spend their money.
More statistics on Open Banking in the UK
Adoption has risen YoY, with total users growing by 34% in the last year, highlighting the growing customer demand for secure, convenient, and transparent financial services. This trend continues as the technology shifts from a niche development to a core part of modern financial services.
Payments remain the biggest driver of adoption, with data revealing a growth of 8.7% in total payment value, reaching 29.89 million. This reflects the UK’s development in data-enabled technology supported by an improving infrastructure and rising customer demand. VRPs are rising as a key Open Banking-enables innovation, offering users greater control over regular payments. In June, VRPs accounted for 4% of all Open Banking transactions, an 8.6% increase, to 4.26 million.
The data from OBL follows landmark legislation, the Data Use and Access Act, which regulates the next phase of Open Banking, Open Finance, and Smart Data in the region. The future of Open Banking will be influenced by the UK’s regulatory plans, which are key for further developments, expanding adoption, and ensuring the benefits of advanced financial services reach a greater number of businesses and individuals.
OBL representatives mention that the data reflects how Open Banking is now part of daily life for millions of people and an array of use cases. To maintain this momentum, the company seeks to work closely with the government, regulators, and the wider ecosystem to ensure that the technology delivers even greater value.
