Open Banking payments in the UK crossed a significant threshold in March, with the ecosystem recording more than 12 million monthly transactions for the first time since the framework's launch in 2018. The figure represents a 45 per cent year-on-year increase and signals that account-to-account payments are moving firmly into the mainstream, according to data published by the Open Banking Implementation Entity.

The surge has been driven primarily by e-commerce and recurring bill payments, with energy providers and local councils among the fastest-growing adopters. "We're seeing a fundamental shift in how consumers think about paying for goods and services," said Charlotte Sheridan, head of payments strategy at NatWest. "The combination of lower merchant fees and instant settlement is creating a compelling proposition that card networks will find increasingly difficult to ignore."

Industry observers note that the UK's regulatory head start continues to give it a decisive advantage over European counterparts still working through PSD2 implementation. With the Financial Conduct Authority consulting on an expanded open finance framework, participants expect payment volumes to double again within 18 months as Variable Recurring Payments and sweeping use cases gain traction across insurance, investments, and subscription services.