More than 15 million individuals and businesses in the UK—approximately one in three adults—utilized services driven by open banking in July.
This achievement arrives six-and-a-half years after the implementation of open banking in the UK, an increase from 10 million users just a year ago.
Recent statistics from Open Banking Limited (OBL) indicate that services powered by open banking were utilized a record 2.04 billion times, reflecting a 3.5% rise from June. Users are leveraging it for various purposes, from paying taxes to ordering meals.
Payments continue to be the primary factor behind this growth, with July’s data showing a total transaction value of £29.89 million.
Variable Recurring Payments (VRPs) are emerging as a significant innovation within open banking, offering consumers and businesses enhanced control and flexibility over regular payments. In July, VRPs represented over 4% of all open banking transactions, marking an 8.6% increase to 4.26 million.
Confidence among consumers and businesses is driving the adoption of open banking across various sectors, including significant entities like HMRC, which saw tax payments of £4.7 billion in January, and retailers such as Just Eat and Tesco, as well as travel companies like Ryanair.
These recent figures follow the passage of the Data (Use and Access) Bill in parliament, which aims to broaden the open banking model, enabling consumers to share their data more extensively across new applications in energy, finance, telecoms, and retail.
Henk Van Hulle, CEO of OBL, remarked: “This data shows how open banking is now part of everyday life for millions of people and businesses across the UK—from tax payments to online shopping. It’s fast, secure, and built on trust.
“To sustain this momentum and unlock its full potential, we look forward to collaborating closely with the government, regulators, and the broader ecosystem, ensuring that open banking delivers even greater value, innovation, and impact for everyone.”