Open Banking Payments (PIS) Demonstrate Strong Commercial Adoption and Viability

Open Banking Payments (PIS) Demonstrate Strong Commercial Adoption and Viability** **Key Finding:** Open Banking-enabled payments are achieving significant, double-digit month-on-month growth, proving their commercial viability as a mainstream alternative to card payments. This adoption is driven by clear benefits for merchants (lower costs) and consumers (seamless experience), indicating a sustainable shift in the payments landscape. **Detailed analysis:** Payment Initiation Services (PIS) are moving beyond a compliance exercise to a commercially successful product. In the UK, the Open Banking Implementation Entity (OBIE) reported a **13.5% month-on-month growth** in open banking payments in April 2024, reaching 16.6 million transactions. This consistent growth demonstrates increasing consumer trust and merchant integration of "Pay by Bank" options. For businesses, this translates directly to lower transaction costs by bypassing card interchange fees and reducing chargeback risk. For consumers, it offers a more streamlined and secure checkout process, improving conversion rates and overall customer experience. This trend confirms the real-world monetization of open banking APIs and solidifies account-to-account payments as a key pillar of the future payments ecosystem. **Source:** * Finextra, "OBIE reports 13.5% month-on-month growth...": [https://www.finextra.com/newsarticle/44129/obie-reports-135-month-on-month-growth-in-new-payments-enabled-by-open-banking-in-april](https://www.finextra.com/newsarticle/44129/obie-reports-135-month-on-month-growth-in-new-payments-enabled-by-open-banking-in-april) ---