{"id":909035,"date":"2026-09-28T22:00:09","date_gmt":"2026-09-28T22:00:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/909035\/"},"modified":"2026-09-28T22:00:09","modified_gmt":"2026-09-28T22:00:09","slug":"bny-aims-to-bring-cross-border-bank-payments-to-digital-wall","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/909035\/","title":{"rendered":"BNY Aims to Bring Cross-Border Bank Payments to Digital Wall\u2026"},"content":{"rendered":"

BNY<\/a>\u00a0has debuted a solution that lets banks send cross-border payments to retail digital wallets.<\/p>\n

The Pay-to-Wallet capability combines the bank\u2019s global payments capabilities to support cross-border bank-to-wallet payments across approved markets and corridors, BNY said in a Monday (Sept. 28)\u00a0news release<\/a>.<\/p>\n

\u201cDigital wallets are becoming central to the\u00a0cross-border payments<\/a>\u00a0landscape particularly in wallet-led markets across Asia Pacific and other high-growth corridors,\u201d said\u00a0Fabian Khoshbakht<\/a>, head of global payments and trade, APAC at BNY.<\/p>\n

\u201cTo meet this growing demand, banks need capabilities they can deploy without having to build layers of integration with wallet providers. BNY\u2019s enablement of a Pay-to-Wallet capability provides a practical and scalable way to support payments from bank accounts to participating digital wallets through trusted existing infrastructure, making it faster and easier for participating banks to access\u00a0digital wallet<\/a>\u00a0payment flows.\u201d<\/p>\n

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Banks across Asia Pacific (APAC) are among the first users of the Pay-to-Wallet capability, the release added, citing data showing that retail digital wallets in the region account for half of all point-of-sale transactions, with that figure projected to exceed 60% by next year.<\/p>\n

\u201cWe see strong potential for Pay-to-Wallet capabilities to support the continued modernization of cross-border payments and expand customer choice,\u201d said\u00a0Cynthia Hsu<\/a>, head of the wholesale banking product division at\u00a0Taishin Bank<\/a>. \u201cThis is an exciting opportunity for us to collaborate with BNY and its global network to see how we can further meet customer needs.\u201d<\/p>\n

Research by PYMNTS Intelligence has shown the increasing role digital wallets play in the lives of consumers. In 2022,\u00a0just 0.9% of shoppers<\/a>\u00a0said they had used one of these wallets for their most recent retail purchase. By 2025, that figure had jumped to 11.8%.<\/p>\n

The research also found that 12.1% of consumers had\u202fused cash for their most recent store purchase, compared to 17.6% in 2022, meaning that digital wallets now trail cash by just 0.3 percentage points.<\/p>\n

And 3.7%\u202fof consumers paid for their latest in-store wallet purchase with a stored wallet balance, up from 1% in 2023, or an\u00a0increase of 270%<\/a>.<\/p>\n

Additional research shows that 21% of U.S. consumers \u2014 or\u00a056 million people<\/a>\u00a0\u2014 had abandoned an online cart in the 30 days prior to being surveyed when their preferred payment method wasn\u2019t available.<\/p>\n

\u201cDigital wallets accounted for the\u00a0largest share<\/a>\u00a0of that missed business, as 47% of cart abandoners wanted to use one, equal to 26.3 million consumers,\u201d PYMNTS wrote recently.<\/p>\n","protected":false},"excerpt":{"rendered":"BNY\u00a0has debuted a solution that lets banks send cross-border payments to retail digital wallets. The Pay-to-Wallet capability combines…\n","protected":false},"author":2,"featured_media":909036,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[64,63,8878,477360,41415,30284,203,44,6628,105,6834],"class_list":["post-909035","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-au","tag-australia","tag-banking","tag-bny","tag-cross-border-payments","tag-digital-wallets","tag-mobile","tag-news","tag-pymnts-news","tag-technology","tag-whats-hot"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/909035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=909035"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/909035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/909036"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=909035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=909035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=909035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}