The financial wellbeing revolution: Unlocking the full potential of Open Banking payments in Europe

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Plaid publishes “The financial wellbeing revolution: Unlocking the full potential of Open Banking payments in Europe” Report.

Open Banking could transform financial wellbeing for consumers across Europe and the globe. By 2026, Open Banking-enabled payments could reach €110 billion in value, up from €3.8 billion in 2021, with Europe accounting for over 75 percent of users globally, according to Juniper Research.

The full potential of Open Banking has yet to be realised, however. If the European Union is to maintain its market-leading position, Plaid believes that policymakers should prioritise three broad goals to unlock financial freedom for all

Europe could lead a revolution in financial wellbeing for consumers and unlock financial freedom for all. The broad goals outlined above, and discussed further in the report, provide a roadmap for the European Commission, member states, and other industry players to harness the full potential of this ecosystem.

The willingness to adopt digital payment methods presents a unique opportunity to drive consumer adoption of Open Banking API services. Increased adoption of embedded finance could unlock €220 billion more revenue for financial service providers by 2025.
Plaid and Accenture: Embedded Finance - 2021

About Plaid

Plaid powers digital financial experiences. Our open banking network and payments platform is the easiest way to embed fintech products and services and onboard customers. Over 6,000 companies including Kraken, Bumble, and Moneybox use Plaid to make it easy for their customers to connect and pay from their current accounts.