Open Banking passes the 5 million users milestone in the UK

Thursday 17 February 2022 15:08 CET | News

OBIE has announced that there are now more than 5 million active users of Open Banking services in the UK based on data provided during January 2022 by the CMA9.

CMA9 represents the nine banks and building society mandated under the CMA Order to implement Open Banking in the UK. This important milestone follows January’s celebration of the 4th anniversary of PSD2 making Open Banking a regulatory requirement in the UK, when more than 4.5 million people and businesses were using Open Banking services.

It took 10 months to grow the number of users from 1 million to 2 million in 2020. In contrast, it has taken just four months to grow from 4 million to more than 5 million, demonstrating the increasing appetite for consumers and small businesses to use Open Banking services to move, manage, and make the most of their money.

Payments were the driving force behind this rapid growth – there were nearly 625,000 additional payments in January 2022 compared with December 2021.

A significant factor in this payments growth was HMRC’s incorporation of a ‘Pay by bank‘ option into its annual self-assessment process, which took the total number of payments made via Open Banking to 3.86 million in January 2022. This is an increase of 19.3% on December 2021.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Open Banking, Open Banking payments
Categories: Banking & Fintech
Companies: OBIE
Countries: United Kingdom
This article is part of category

Banking & Fintech


Discover all the Company news on OBIE and other articles related to OBIE in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events