Key opportunities of Open Banking
![Online payments Online payments](https://resources.emerchantpay.com/hs-fs/hubfs/Online%20payments.png?width=200&height=200&name=Online%20payments.png)
Open Banking payments set to grow exponentially
The value of Open Banking transactions is estimated to hit US$57 billion globally by 2023.
![eCommerce (2) eCommerce (2)](https://resources.emerchantpay.com/hs-fs/hubfs/eCommerce%20(2).png?width=200&height=200&name=eCommerce%20(2).png)
Many consumers are unknowingly using Open Banking
45% of UK respondents claimed they had used Open Banking during checkout, upon uncovering its definition.
![Increase Increase](https://resources.emerchantpay.com/hs-fs/hubfs/Increase.png?width=200&height=200&name=Increase.png)
Open Banking has the potential to outpace other payment options
19% of UK shoppers said they would use Open Banking more frequently in five years’ time, surpassing Buy Now Pay Later (14%).