BNY Launches On-Chain Digital Cash, Signaling the Future of Tokenized Bank Deposits
BNY has launched on-chain digital cash as the first step toward tokenized bank deposits and real-time settlement. The initiative positions one of the worldโs most systemically important banks at the forefront of blockchain-based financial infrastructure. By enabling instant settlement on its digital assets platform, BNY is addressing long-standing inefficiencies in payments and capital markets. The move also signals growing institutional confidence in tokenization beyond pilots and proofs of concept. As regulators and banks explore programmable money, BNYโs approach could become a blueprint for deposit-based digital cash.
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๐๐๐๐จ๐ซ๐ ๐๐งโ๐ฌ ๐๐๐๐ฅ ๐๐๐ฏ๐๐ง๐ญ๐๐ ๐ ๐๐ฌ ๐๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ ๐๐จ๐ฆ๐ฉ๐จ๐ฎ๐ง๐๐ข๐ง๐
What stands out to me about JPMorgan right now is not that it is โgoing digital.โ It is that it already won distribution and is now compounding it through product and platform design.
Customer expectations keep rising. Retail users compare banks to fintech apps. Businesses expect integrated, global systems that just work. JPMorganโs response is not a single big bet, but thousands of small ones layered across products, channels, and platforms.
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On the consumer side, the philosophy is simple: improve everything, all the time. That approach is working even at massive scale. Chase now serves roughly 44 million consumer banking customers, and around 80 percent of them treat Chase as their primary bank. Net Promoter Score sits around 65, up about five points since 2019, with gains across both digital experiences and in-branch interactions.
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Product innovation is the main lever. Pay in 4 is a good example. It is not positioned as a standalone BNPL product, but as a native feature inside the Chase ecosystem. Despite being relatively new, it already has an NPS above 90. The same logic applies to Freedom Rise for new-to-credit customers, which launched to bring more people into the credit system and delivered an NPS above 80 in its first year. These products work because they are embedded into everyday money moments, not pushed as separate apps.
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What I find even more strategic is how JPMorgan is building its own commerce ecosystem. Millions of customers now engage with Chase beyond traditional banking. About 4.2 million customers booked travel through Chase last year, making it one of the largest consumer leisure travel platforms in the U.S. Sixteen million customers activated merchant offers, driving roughly $12 billion in attributed spend. These are not side features. They are becoming meaningful engagement and revenue drivers.
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Payments tie everything together. Chase processed about $6.4 trillion in consumer payment flows last year, growing at double-digit rates. Roughly 80% of non-card payments are now digital, up more than 15% points in five years. On the credit side, over 6 million customers are already using Pay Over Time features across credit and debit, with volumes growing more than 25% year over year.
The real advantage is speed. When JPMorgan launches something new, it does not need to fight for distribution. It can reach tens of millions of existing customers almost instantly through its app and data infrastructure.
This is what platform compounding looks like in financial services. Not flashy. Not noisy. Just relentless execution at scale.
Curated News
๐ณ Payments
FIS Launches Agentic Commerce Platform to Redefine AI-Driven Card Payments
FIS has unveiled an agentic commerce platform designed for issuing banks, enabling AI-powered agents to initiate and complete card transactions on behalf of consumers. The platform aims to reduce checkout friction and keep banks central to AI-led payment flows.
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PhonePe Introduces โPG Boltโ for One-Click Card Payments
PhonePe Payment Gateway has launched PG Bolt, enabling one-click Visa and Mastercard transactions for merchants. The solution targets faster checkout and reduced drop-off rates in Indiaโs fast-growing digital payments market.
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Zand Adopts XDC Network for Blockchain-Based Payments
UAE-based digital bank Zand has adopted the XDC Network to support blockchain-powered payments. The move highlights increasing bank interest in blockchain infrastructure for cross-border settlement.
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๐ฆ Banking
Checkout.com Secures US Bank Charter to Enter Acquiring Market
Checkout.com has obtained a Georgia bank charter, allowing it to operate its own US acquiring business. This strengthens its control over the payment value chain and intensifies competition with incumbent acquirers.
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Nationwide Rolls Out Call Checker to Fight Impersonation Fraud
Nationwide has launched a call-checking service that allows customers to verify whether calls are genuinely from the bank. The tool responds to rising impersonation fraud across phone-based banking channels.
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๐ง Fintech
Walmart and Google Partner on Agent-Led Commerce
Walmart has teamed up with Google to promote agent-led commerce, allowing AI agents to guide product discovery and checkout. The partnership reflects how large retailers are embedding payments into AI-driven shopping journeys.
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PayPal and Google Enable Trusted AI Checkout
PayPal is supporting Googleโs AI-powered checkout experience, enabling seamless transitions from search to payment. The collaboration reinforces PayPalโs role as a trusted payments layer for AI commerce.
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Open Banking UK Marks Eight Years of Progress
Open Banking UK is celebrating its eighth anniversary, highlighting steady adoption and ecosystem growth. The milestone underscores open bankingโs role as core financial infrastructure in the UK.
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MoneyHash and Spare Partner to Expand Open Banking
MoneyHash and Spare have announced a strategic partnership to accelerate open banking adoption in the region. The collaboration focuses on improving access to account-to-account payments and financial data.
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๐ช Crypto
Bitcoin and Ethereum ETFs Lose 2026 Gains
Bitcoin and Ethereum ETFs have erased most of their 2026 gains as interest rate cut expectations faded. The decline highlights cryptoโs continued sensitivity to macroeconomic signals.
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BitGo Targets $2B Valuation in US IPO Filing
Crypto custody firm BitGo has filed for a US IPO targeting a valuation close to $2 billion. The filing signals renewed public market ambitions for mature crypto infrastructure providers.
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UK Lawmakers Push to Ban Crypto Political Donations
UK committee chairs are calling for a ban on political donations made using crypto assets. The proposal reflects growing regulatory focus on transparency and influence in digital finance.
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๐ WealthTech
Atomic Invest Acquires Dutch Advisory Firm Groene Hart
Atomic Invest has acquired Groene Hart Financial Diensten, expanding its presence in the European wealth advisory market. The deal supports Atomicโs broader international growth strategy.
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โ๏ธ Regulation
Economists Urge EU to Back Digital Euro Despite Lobbying
Leading economists have urged the EU to push ahead with a digital euro despite lobbying pressure. They argue it is essential for monetary sovereignty and long-term payments resilience.
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Bank Shares Fall on Trump Card Fee Cap Proposal
Bank stocks declined following proposals linked to Donald Trump to cap card fees. Investors fear reduced interchange revenue could materially impact bank earnings.
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๐ Other
Atome Raises $345M in Debt as SEA Fintechs Avoid Equity
Buy-now-pay-later firm Atome has secured $345 million in debt financing amid a regional shift away from equity fundraising. The move reflects tougher capital markets and a focus on sustainable growth.
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Astra Shuts Down Digital Lender Maucash
Astra has shut down its digital lending unit Maucash as part of a strategic realignment. The closure highlights ongoing consolidation in Southeast Asiaโs fintech sector.
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Bluecopa Raises $7.5M Series A for AI-Native Finance
Bluecopa has raised $7.5 million in Series A funding to scale its AI-native finance platform. Investor interest remains strong in AI-first financial infrastructure.
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PhotonPay Raises Series B to Build Stablecoin Infrastructure
PhotonPay has raised tens of millions in Series B funding to develop stablecoin-centric financial infrastructure. The round reflects growing institutional demand for stablecoin payment rails.
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BlackOpal Raises $200M to Tokenize Brazilian Receivables
BlackOpal has secured $200 million to tokenize Brazilian credit card receivables. The initiative aims to reduce credit risk while unlocking emerging market yield for global investors.
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