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, BNY said in a Monday (Sept. 28) news release.
“Digital wallets are becoming central to the cross-border payments landscape particularly in wallet-led markets across Asia Pacific and other high-growth corridors,” said Fabian Khoshbakht, head of global payments and trade, APAC at BNY.
“To meet this growing demand, banks need capabilities they can deploy without having to build layers of integration with wallet providers. BNY’s 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 digital wallet payment flows.”
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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.
“We see strong potential for Pay-to-Wallet capabilities to support the continued modernization of cross-border payments and expand customer choice,” said Cynthia Hsu, head of the wholesale banking product division at Taishin Bank. “This is an exciting opportunity for us to collaborate with BNY and its global network to see how we can further meet customer needs.”
Research by PYMNTS Intelligence has shown the increasing role digital wallets play in the lives of consumers. In 2022, just 0.9% of shoppers said they had used one of these wallets for their most recent retail purchase. By 2025, that figure had jumped to 11.8%.
The research also found that 12.1% of consumers had used 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.
And 3.7% of consumers paid for their latest in-store wallet purchase with a stored wallet balance, up from 1% in 2023, or an increase of 270%.
Additional research shows that 21% of U.S. consumers — or 56 million people — had abandoned an online cart in the 30 days prior to being surveyed when their preferred payment method wasn’t available.
“Digital wallets accounted for the largest share of that missed business, as 47% of cart abandoners wanted to use one, equal to 26.3 million consumers,” PYMNTS wrote recently.
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