Open Banking Payments to Surpass $330bn by 2027, as Bill Payments Drive Adoption
Our
latest open banking research predicts that the value of global open banking payment transactions will exceed $330 billion by 2027, up from $57 billion in 2023. The development of new use cases, such as bill payments, is key to driving this adoption, given open banking’s simplicity of use versus alternatives, such as card payments.
However, if this growth is to be achieved, it is vital that consumers overcome their fears regarding the sharing of their financial data via open banking. Accordingly, vendors must educate consumers and provide greater transparency surrounding data privacy and security by highlighting the procedures in place to protect financial data to ease security concerns and encourage greater adoption of open banking services when marketing their solutions.
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Our complimentary whitepaper,
Why the Future of Banking Is Open, considers the impact that a changing regulatory environment and growing number of use cases is having on the open banking market.
“Juniper Research’s latest Open Banking research provides a detailed analysis of this evolving market in the financial services industry. The banking market report analyses key drivers of the market, such as increasing regulatory involvement, rising consumer awareness, and the ongoing cost-of-living crisis driving the use of services, such as personal financial management. Furthermore, the report focuses on key factors relating to how Open Banking can be used to serve businesses, especially SMEs (Small and Medium Enterprises). Additionally, the research includes an extensive evaluation of 18 Open Banking vendors via the Juniper Research Competitor Leaderboard.”