LONDON—Open banking usage continues its rapid rise in the U.K., a new report shows.
U.K. consumers made 11.4 million open banking payments in July, a 9% increase over the previous month, Finextra reported.
Year-to-date data for 2023 against 2022 show total payments have doubled. In July, the number of active payment users surged to 4.2 million, a 10.5% rise from June and up 68.2% on July 2022, Finextra said.
Among the key drivers of growth are single domestic payments, which recorded 10.5 million transactions in July, an 8% increase from June, according to the report.
“This was propelled by government payments solutions and the onboarding of several financial institutions and investment platforms. These institutions have introduced 'pay by bank' options, allowing users to fund a variety of savings and investment products,” Finextra said.
Top Three Cases
The top three use cases for open banking transactions, ranked in order of volumes, are:
- Account top-ups
- Credit card bill payments
- E-commerce
Variable recurring payments also saw substantial growth, with 872,000 transactions in July, a 28.7% increase on the previous month, Finextra added.
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