Source: Open Banking Limited
Open Banking Limited (OBL) today publishes new adoption data showing record growth in July, as the UK cements its position as a global leader in digital finance.
July was a landmark month for Open Banking, with more than 15.16 million people and businesses now using services powered by the technology – equivalent to nearly one in three UK adults.
The latest figures also show that in July, Open Banking services were used a record 2.04 billion times, up 3.5% from June. From paying taxes to ordering dinner, millions of UK consumers and businesses are embracing Open Banking to manage their money with greater control, speed and confidence.
Open Banking adoption has risen steadily year on year – with total users growing by 34% in the last year. This reflects the growing consumer demand for secure, convenient, and transparent financial solutions, and continues a multi-year trend that has seen Open Banking move from a niche innovation to a core part of modern financial services.
Payments remain the biggest driver of adoption, with July’s data revealing that the total value of payments has reached 29.89 million – an 8.7% growth (from 27.5 million to 29.9 million). This rapid growth demonstrates the UK’s global lead in data-enabled technology supported by strong infrastructure and rising consumer demand.
Variable Recurring Payments (VRPs) are emerging as a key Open Banking enabled innovation, giving consumers and businesses greater control and flexibility over regular payments. In July alone, VRPs accounted for over 4% of all Open Banking transactions – a sharp 8.6% increase, to 4.26 million. From HMRC tax payments (£4.7 billion in January) to retail giants like Just Eat and Tesco, and travel brands such as Ryanair, growing consumer and business trust is driving momentum and uptake across different sectors.
The latest data from OBL comes in the wake of landmark legislation – the Data Use and Access Act – which paves the way for the next phase of Open Banking, Open Finance and Smart Data adoption in the UK.
Looking ahead, the next phase of Open Banking will be shaped by the UK’s long-term regulatory plans. These are essential to unlocking further innovation, expanding adoption, and ensuring that the benefits of smarter financial services reach even more people and businesses.
Henk Van Hulle, chief executive officer of Open Banking Limited, said: “This data shows how Open Banking is now part of everyday life for millions of people and businesses across the UK – from paying taxes to shopping online. It’s fast, secure, and built on trust.
“To maintain momentum and unlock its full potential, we look forward to working closely with government, regulators and the wider ecosystem, ensuring Open Banking delivers even greater value, innovation and impact for everyone.”
Further reading: FCA outlines future entity design for UK Open Banking
Further reading: Smart Data Accelerator unveiled alongside ‘new model’ for UK retail payments
