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How open banking payments will help businesses keep up

August 22, 2022

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With our research finding that 20% of UK consumers reported the pandemic changed the way they think about paying for products and services, it’s no wonder that open banking is taking centre stage.

Open banking is accelerating innovation within the payments sector and providing forward-thinking businesses of all sizes with a competitive edge by giving them the license to offer customers flexible options at checkout.

And the UK is leading the charge to digitalisation in this space. Open banking payments are currently growing at a rate of 500% year on year, with over 5 million open banking transactions being made in May alone according to the Open Banking Implementation Entity (OBIE).

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