Record growth in UK Open Banking as users hit 15 million

The UK’s Open Banking ecosystem reached a significant milestone in July, with more than 15.16 million individuals and businesses now using services underpinned by the technology.

According to the latest figures from Open Banking Limited (OBL), adoption has accelerated sharply, bringing Open Banking into the mainstream of financial services and reinforcing Britain’s status as a global leader in digital finance.

Scale and Pace

Record growth in UK Open Banking

The July data illustrates both the scale and the pace of change.

In a single month, Open Banking services were accessed 2.04 billion times, a record level and a 3.5 per cent increase on June.

Usage is no longer confined to early adopters: nearly one in three UK adults now relies on Open Banking tools, from paying tax bills and managing household expenses to ordering food and booking travel.

Growth has been consistent year on year, with the total number of users rising by 34 per cent over the past twelve months.

Much of this expansion is being driven by payments. July alone saw 29.89 million transactions – up from 27.5 million in June – representing an 8.7 per cent monthly rise.

The figures highlight how consumers are increasingly comfortable using Open Banking for everyday transactions, encouraged by speed, transparency and enhanced security compared with traditional methods.

Variable Recurring Payments

A particularly striking development is the uptake of Variable Recurring Payments (VRPs), a newer functionality that allows for automated yet flexible payments.

VRPs accounted for 4.26 million transactions in July, more than 4 per cent of the total, marking an 8.6 per cent increase from the previous month.

From HMRC, which processed £4.7 billion in tax payments via Open Banking in January, to high-street retailers and online platforms such as Tesco, Just Eat and Ryanair, adoption is broadening across sectors.

This momentum is unfolding against a backdrop of regulatory reform.

The recently enacted Data Use and Access Act sets the stage for the evolution from open banking to open finance and, ultimately, smart data.

These frameworks are expected to expand the range of services available, enabling consumers and businesses to benefit from even greater personalisation, control and efficiency.

Commenting on the figures, Henk Van Hulle, chief executive of OBL, noted: “Open Banking is now part of everyday life for millions across the UK. To maintain this progress, collaboration between government, regulators and industry will be essential in unlocking the next phase of innovation.”

With user numbers surging and infrastructure strengthening, the UK’s Open Banking journey is entering a decisive new chapter—one that promises to shape the future of digital payments for the decade ahead.