Thus, the total number of users will reach 40 million in 2021 from 18 million in 2019. Furthermore, the research found that the ongoing Coronavirus pandemic is increasing the need for consumers to aggregate accounts and gain insight into their financial health, boosting momentum in Open Banking adoption.
This extraordinary growth is being driven by Europe, where the regulator-led approach to Open Banking has created a standardised market, with low barriers to entry. This contrasts with markets like the US, where a lack of central regulatory intervention is limiting growth potential, the research has revealed.
The research identified that payments will be critical to the emerging Open Banking ecosystem; accounting for over USD 9 billion in transaction value in 2024. Still, payments within this ecosystem are at an early stage.
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