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The OBL website shows (for June 2024) 6.1m payments users and 5.17m account information users, presumably about 1m users use both.

These figures respectively were 2.15m and 4.2m users in June last year, so payments is the main driver of OB user growth.

While the 10m user milestone is a great one to highlight, what really matters is usage. Payment txns are increasing each month, but the payments per user has been stuck for over two years at 2 - 3 per month. For account information, no usage stats are published other than API calls, perhaps a metric such as data megabytes/month would be useful?

However, although open banking is supposed to be about data, the growth story shows it is more about payments than data and that increasing the payments per user through increasing business acceptance of OB payments is the main challenge for OBL.

Roll-on the day when we get paid daily instead of monthly or twice a month - the technology is available now, to initiate the payments, manage the payroll and manage the extra transactions in bank accounts.

It is also unsustainable to treat pay for work already done as a loan just because payment is made in advance of the normal pay day.

Remarkable results - the annual report shows 590m monthly transactions as of Dec 23, up 73% on the previous year.

This is a true indicator that Revolut is loved by its customers - "every transaction is a customer interaction".