Once driven by early adopters like fintechs and tech enthusiasts, open banking is increasingly becoming embedded into the global financial landscape online and through apps from players across the ecosystem. And it is only expected to grow. From 2021 to 2026, the number of open banking users is expected to increase nearly eightfold. And instant payment flows enabled by open banking are expected to increase by 30 times.
Open banking allows for all boats to rise — including merchants, fintech innovators, large and small financial service providers and, most importantly, consumers and small businesses.
Jess Turner, Executive Vice President, Open Banking and API at Mastercard talks about the choice, innovation and inclusion in open banking that is lifting up opportunities across the entire ecosystem. Read here for more.