Open Banking payments continue their steady climb, according to the latest data highlighted by Matt Jones of Payments Culture.
Pay By Bank, the sector's single payments option, has more than doubled in just two years — a stark contrast to card payments, which have barely moved in percentage terms over the same period.
Variable Recurring Payments (VRP) are also gaining ground, now accounting for almost a fifth of all open banking transactions.
That said, scale remains a challenge: for every open banking payment made, there are still 82 card payments.
And while single payments dipped 2% month-on-month in June, Matt Jones notes this is simply down to the shorter 30-day month, with daily growth holding steady in line with previous months.
Matt Jones, Payments Culture
Thanks to Matt over at Payments Culture for sharing this data - why not subscribe to Payments Culture.
