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In 2021, India recorded 48.6 billion real-time transactions, more than any other in the world. Open Banking is a global movement in which banks are allowing access to much of the data they hold on to – customer purchases ranging from buying a coffee, a house, or paying mortgages. Users of Open Banking applications can view their entire payment history and set up automatic payment reminders for centralized payment rules. Open banking is a driving force of innovation in the banking industry, it should ideally result in lower costs, better technology, and better customer service.