Market share statistics from CMA9 banks indicate that Token is driving adoption of open banking payments in the UK
August 2021, London: Leading open banking payments platform, Token, today releases market share statistics* showing it is driving open payments adoption in the UK.
In the three years since open banking became a regulatory requirement in the UK, API call volume has increased from 66.8 million in 2018 to 5.8 billion in 2020. Over 2.5 million UK consumers and businesses now use open banking-enabled products, which has caused the number of total payments to grow by over a thousand percent since 2018.
Token is driving that expansion with best-in-class, European bank connectivity, data, and compliance capabilities. As of 30 June 2021, the company has:
- Initiated 22% of all successful payment transactions in the UK in June 2021
- Captured 37% of all market growth in the UK for open payments year-to-date
- Driven 58% of all market expansion in the UK in the second quarter of 2021
- Quadrupled its market share for open payments from the CMA9 in the last 6 months
- Achieved annualised payments value of €2.3bn
In addition to significant growth in the UK, Token has partnered with BNP Paribas to launch the first SEPA Instant immediate payments offering for merchants in Europe, BNP Paribas Instanea. Token was also named Hottest Fintech Startup 2021 at The Europas, and together with BNP Paribas was a finalist for the Best Open Banking Partnership (Commercial) at the 2021 Open Banking Expo Awards.
Todd Clyde, Token CEO, is confident about the future. “At Token, we’re proud to be on the cutting edge of open banking technology. Our recent success at capturing market share and expanding to new markets indicates a very healthy future for Token, and for open banking in the UK and across Europe. As open banking reaches a critical tipping point, Token will continue to be at the forefront of the instant digital payment revolution.”
Token expects similar acceleration in growth rates in Germany by the end of 2021. A number of its multinational Payment Service Provider (PSP) customers, such as BNP Paribas, are looking to expand their offering in Germany and Austria. Earlier this year, Token also established a new EU headquarters in Germany and was granted official authorisation by German Federal Financial Supervisory Authority BaFin. With this license, Token can provide payment initiation and account information services, and build on the success of its open banking platform, across Europe.
Token is an open banking payments platform driving the shift from card to bank payments with best-in-class European bank connectivity, data, and compliance capabilities. With Token’s complete toolkit, the best and brightest merchants, PSPs, and banks create new account-to-account payment capabilities and revenue streams through its broadest connectivity to banks in Europe. Token is both bank and developer-friendly, and multi-standard by design.
*Market share is derived from latest transaction volumes reported by the CMA9 banks.