In a recent milestone for the UK’s financial sector, open banking has reached over 15 million users, encompassing both individuals and businesses, as of July 2025.
This figure, equivalent to nearly one in three UK adults, reflects a remarkable growth trajectory since the technology’s introduction six-and-a-half years ago.
According to Open Banking Limited (OBL), the organization overseeing the initiative, this represents a 50% increase from the 10 million users recorded just a year prior, underscoring the rapid adoption of open banking services across the nation.
The latest data from OBL highlights the scale of engagement, with open banking-powered services utilized a record 2.04 billion times in July alone—a 3.5% rise from June.
These services have become integral to everyday activities, from settling tax obligations to ordering meals online, demonstrating the versatility and convenience of the technology.
Payments continue to be the cornerstone of open banking’s success, with transactions totaling £29.89 million in July, reflecting growing consumer and business confidence in the system.
A standout feature driving this growth is Variable Recurring Payments (VRPs), an innovative tool that offers users enhanced control and flexibility over regular payments.
In July, VRPs accounted for 4.26 million transactions, making up over 4% of all open banking activities—a notable 8.6% increase from the previous month.
This surge highlights the appeal of VRPs for users seeking more tailored and efficient payment solutions.
The impact of open banking extends across diverse sectors, with major organizations embracing the technology.
For instance, HMRC processed £4.7 billion in tax payments through open banking in January, while retailers like Just Eat and Tesco, alongside travel companies such as Ryanair, have integrated these services to streamline transactions.
This widespread adoption across finance, retail, and travel sectors illustrates the growing trust in open banking’s secure and efficient framework.
The milestone coincides with the recent passage of the Data (Use and Access) Bill in Parliament, a legislative step that aims to expand the open banking model.
The bill empowers consumers to share their data more broadly, unlocking new applications in industries such as energy, telecommunications, and retail.
This development is expected to further accelerate innovation, enabling open banking to deliver greater value to users.
Henk Van Hulle, CEO of Open Banking Limited, emphasized the transformative role of the technology, stating:
“The latest figures show how open banking has become a cornerstone of daily life for millions across the UK, whether they’re paying taxes or shopping online. It’s a fast, secure, and trust-based system. We are committed to collaborating with government, regulators, and industry stakeholders to sustain this momentum and unlock the full potential of open banking for even greater innovation and impact.”
The growth of open banking reflects its ability to meet the evolving needs of consumers and businesses in a digital-first world.
By providing secure, user-centric solutions, it has reshaped how financial transactions are conducted, fostering a more connected and flexible financial ecosystem.
As the UK continues to embrace open banking, its expansion into new sectors and use cases is poised to redefine the boundaries of financial services, offering users control and convenience.
With the foundation laid by strong legislative support and growing adoption, open banking is seemingly positioned to drive further advancements.
The collaboration between OBL, government bodies, and industry players will be crucial in ensuring that the technology continues to deliver meaningful benefits to users across the UK.
