Rising payments are driving the adoption of open banking, with more than 15 million users in July
Rising payments are driving the adoption of open banking, with more than 15 million users in July
The use of open banking services in the UK has increased by a third in the past 12 months as it becomes “part of everyday life”, according to an industry authority.
There were over 15 million users of open banking services in July, which was 34% higher than the same month last year, according to figures from Open Banking Limited.
These users made almost 30 million open banking-based payments in July, which was over 8% higher than last year. Meanwhile, open banking services as a whole were used over two billion times during the month.
Open banking enables consumers to share their banking details with third-party apps and websites, through application programming interfaces (APIs), if permission is granted.
In 2018, UK banks were required to implement the Competition and Markets Authority’s open banking regulation, which led to the development of APIs in banking to give consumers more control over their accounts.
