Over 15.16 million people and businesses used Open Banking in July, or almost one in three adults, according to new figures from Open Banking Limited (OBL).

The implementation entity said that Open Banking services were used a record 2.04 billion times, up 3.5 per cent in from June.

Open banking adoption has risen steadily year on year and OBL said total users have grown by 34 per cent in the last year.

The organisation said this reflects the growing consumer demand for secure, convenient, and transparent financial solutions, and continues a multi-year trend that has seen open banking move from a niche innovation to a core part of modern financial services.

Payments remain the biggest driver of adoption and OBL said that the total value of payments has reached £29.89 million, which is an 8.7 per cent jump compared to the previous year.

OBL said that people are using Open Banking for a variety of tasks, such as paying taxes to ordering food. Retailers such as Just Eat and Tesco, and travel brands such as Ryanair have driven momentum and uptake across different sectors.

Variable Recurring Payments (VRPs) are emerging as a key open banking enabled innovation, which OBL said giving consumers and businesses greater control and flexibility over regular payments.

In July alone, VRPs accounted for over four per cent of all open banking transactions, which is an 8.6 per cent increase, to £4.26 million.

The latest data from OBL comes in the wake of legislation, the Data Use and Access Act, which paves the way for the next phase of open banking, open finance and smart data adoption in the UK.

Looking ahead, the OBL said the next phase of Open Banking will be shaped by the UK’s long-term regulatory plans, which are essential to unlocking further innovation, expanding adoption, and ensuring that the benefits of smarter financial services reach even more people and businesses.

“This data shows how Open Banking is now part of everyday life for millions of people and businesses across the UK – from paying taxes to shopping online,” said Henk Van Hulle, chief executive at Open Banking Limited. “It’s fast, secure, and built on trust.

“To maintain momentum and unlock its full potential, we look forward to working closely with government, regulators and the wider ecosystem, ensuring open banking delivers even greater value, innovation and impact for everyone.”

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