Open Banking Payments Transactions to Grow by $273billion in Just 4 Years

new research from Juniper research Global open banking payment transactions will exceed $330 billion globally by 2027. In 2023 he is up from $57 billion.

report, Open Banking: Opportunities, Competitor Leaderboards and Market Forecasts 2023-2027Given the simplicity of using open banking compared to alternatives such as card payments, we anticipate that the development of new use cases such as bill payment via open banking will drive adoption.

Consumer education is key to open banking success

This research is expected to be an effort to educate consumers about security and safety. Advantages of open banking Promote market growth. It helps reduce common consumer fears and misconceptions about the potential misuse of financial data that third parties are authorized to access.

study author, Jordan Lukes Consumer security concerns around the sharing of financial data must be overcome for open banking to realize its strong growth potential. There is a need to be more transparent about data privacy and security by emphasizing steps to protect financial data, mitigating security concerns, and promoting the adoption of open banking services when selling solutions. I have.”

New Use Cases Driving the Growth of Open Banking

The study also predicts that the development of new use cases will help ensure that open banking realizes its potential. One of the most promising new use cases is the ability to pay taxes using Open Banking, as introduced in the UK. As the use of open banking to pay bills expands outside the UK, it is expected that by 2027 there will be over $59 billion in transaction value globally.

Vendors in the open banking space should continue to invest in new potential open banking use cases, such as full integration within e-commerce marketplaces. This will help further develop the open banking market and attract a larger user base. Gaining a competitive edge in the increasingly saturated digital payments market.