Open Banking surpasses 11.4 million payments

Wednesday 30 August 2023 11:36 CET | News

UK-based Open Banking Limited has revealed that financial technology Open Banking has surpassed 11.4 million payments in July 2023.


When compared to June 2023, Open Banking experienced a 9.3% increase in total payments, which showcases a growing trend in the system’s adoption. When it comes to year-to-date (YTD) data for 2023 vs. 2022, Open Banking LTD observed a 102.4% growth in total payments. This kind of growth can be seen as a testament to Open Banking’s important role in supporting financial inclusion, innovation, and consumer empowerment. 

According to, in July 2023, the number of active payment users increased to 4.2 million, which represents a 10.5% rise when compared to June 2023 and a 68.2% increase from July 2022.


UK-based Open Banking Limited has revealed that financial technology Open Banking has surpassed 11 million payments in July 2023.


Growth drivers and use cases

Some of the most important growth drivers include single domestic payments with recorded 10.5 million transactions in July, which represents an 8% increase from June. This growth was supported by several important events, including government payments solutions and the onboarding of leading UK financial institutions and investment platforms. As these institutions introduced ‘pay by bank’ options, users gained the ability to conveniently fund various savings and investment products. 

According to Open Banking Limited, the three main use cases for Open Banking transactions ranked by volume are account top-ups, credit card bill payments, and ecommerce. 

With account top-ups, users made frequent use of the option to top up their e-money transactional or current accounts, as well as savings and investment products thus making a case for the convenience and efficiency of Open Banking when it comes to personal finance management. 

For credit card bill payments, Open Banking was able to simplify the process of settling credit card bills, providing users with a seamless way to make payments towards their credit card balances. 

Open Banking’s impact on online shopping, especially in ecommerce, allowed vendors to benefit from cost savings on card transaction fees. By leveraging the capabilities of Open Banking payments, vendors can confirm receipt of funds before releasing goods, which improves financial security and supports new vendor strategies. 

Further reports from citing all-time data reveal that single domestic payments have now reached 163.2 million. As for variable recurring payments (VRPs), they also experienced some growth, with 872,000 transactions in July, which represents a 28.7% increase when compared to the previous month.

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: financial services, payments , Open Banking payments, fintech
Categories: Banking & Fintech
Companies: Open Banking Limited
Countries: United Kingdom
This article is part of category

Banking & Fintech

Open Banking Limited

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

Industry Events