The global open banking market is expected to grow significantly, reaching an estimated value of USD 59.81 billion by 2031, according to a report by Mordor Intelligence. This expansion is largely attributed to the increasing adoption of payment initiation services, which enable consumers to make payments directly from their bank accounts through third-party providers.
Additional factors contributing to market growth include the rising demand for personalized payment solutions and data-driven banking experiences. Moreover, embedded finance integrations within non-bank digital platforms are gaining traction, further supporting the development of the open banking ecosystem.
**Why this matters**
The growth of open banking is reshaping the financial services landscape by promoting greater competition and innovation. Enhanced payment initiation services and personalized banking experiences offer consumers more control and convenience. Additionally, the integration of financial services into various digital platforms is creating new opportunities for businesses and improving accessibility for users worldwide.