BNY unveils Pay-to-Wallet technology option for banks

BNY has introduced a new 'Pay-to-Wallet' feature that allows banks to send money directly from bank accounts into digital retail wallets across international borders. For retailers and operators, this signals a major shift in how consumers may soon fund their purchases. Instead of relying on traditional wire transfers or card-based cross-border payments—which are often slow and expensive—this technology uses existing banking infrastructure to move money instantly into the apps consumers use every day. If you have an international customer base or operate in markets where digital wallets are more popular than credit cards, this technology lowers the friction for high-value transactions. It bridges the gap between traditional banking and the modern 'mobile wallet' economy. While this is currently a bank-side tool, its adoption will likely lead to more flexible consumer financing options where loans or disbursements can be sent directly to a customer's preferred digital wallet rather than just a checking account. This makes it easier for customers to access funds for immediate spending at the point of sale, regardless of where their bank is located.

Source: Finextra — Lending

← Return to the library· Submit a correction