From Pymnts · PYMNTS · · 1m 10s
BNY Launches Cross-Border Pay-to-Wallet Solution
BNY's new Pay-to-Wallet capability enables banks to send cross-border payments directly to digital wallets.
In brief
BNY's new Pay-to-Wallet capability enables banks to send cross-border payments directly to digital wallets. BNY has created a solution for banks to send cross-border payments to digital wallets without building custom integrations with wallet providers. Originally reported by Pymnts.
BNY Debut
BNY has debuted a solution that lets banks send cross-border payments to retail digital wallets.
Pay-to-Wallet Capability
The Pay-to-Wallet capability combines the bank's global payments capabilities to support cross-border bank-to-wallet payments across approved markets and corridors.
APAC Adoption
Banks across Asia Pacific are among the first users of the Pay-to-Wallet capability, with retail digital wallets accounting for half of all point-of-sale transactions in the region.
Market Growth
Retail digital wallets in the region are projected to exceed 60% of point-of-sale transactions by 2025, up from 50% in 2022.
Taishin Bank Support
Taishin Bank's Cynthia Hsu said the Pay-to-Wallet capability could expand customer choice and modernize cross-border payments through collaboration with BNY.
Consumer Trends
In 2022, 0.9% of shoppers used digital wallets for their most recent purchase, rising to 11.8% by 2025, with digital wallets trailing cash by 0.3 percentage points.
The main idea
BNY has created a solution for banks to send cross-border payments to digital wallets without building custom integrations with wallet providers.
