Paze Checkout Solution Makes Online Shopping Fast and Streamlined for BofA Clients This Holiday Season
Bank of America has fully implemented Paze, a streamlined online checkout solution, across all eligible credit and debit cards just in time for the holiday season. The solution features card tokenization for enhanced security and doesn't require manual card entry, passwords, or third-party apps. Newegg, an online electronics retailer, has recently adopted Paze.
Paze is operated by Early Warning Services, , with Bank of America being one of seven founding members. The solution will be available to more than 150 million debit and credit cards at general availability. Merchants benefit from increased checkout conversion and fraud reduction, with no transaction fees for offering Paze.
Bank of America ha implementato completamente Paze, una soluzione di checkout online semplificata, su tutte le carte di credito e debito idonee proprio in tempo per la stagione festiva. La soluzione presenta la tokenizzazione delle carte per una maggiore sicurezza e non richiede l'inserimento manuale della carta, password o app di terze parti. Newegg, un rivenditore online di elettronica, ha recentemente adottato Paze.
Paze è gestito da Early Warning Services, con Bank of America che è uno dei sette membri fondatori. La soluzione sarà disponibile per oltre 150 milioni di carte di debito e credito a disponibilità generale. I commercianti beneficiano di un aumento del tasso di conversione durante il checkout e di una riduzione delle frodi, senza spese di transazione per offrire Paze.
Bank of America ha implementado completamente Paze, una solución de pago en línea simplificada, en todas las tarjetas de crédito y débito elegibles justo a tiempo para la temporada navideña. La solución cuenta con tokenización de tarjetas para una mayor seguridad y no requiere la entrada manual de la tarjeta, contraseñas ni aplicaciones de terceros. Newegg, un minorista de electrónica en línea, ha adoptado recientemente Paze.
Paze es operado por Early Warning Services, con Bank of America siendo uno de los siete miembros fundadores. La solución estará disponible para más de 150 millones de tarjetas de débito y crédito en disponibilidad general. Los comerciantes se benefician de un aumento en la conversión de pagos y una reducción del fraude, sin tarifas de transacción por ofrecer Paze.
Bank of America는 모든 적격 신용 및 직불 카드에서 Paze, 간소화된 온라인 체크아웃 솔루션을 완전히 구현하였으며, 연휴 시즌에 맞춰 출시하였습니다. 이 솔루션은 향상된 보안을 위한 카드 토큰화 기능이 있으며, 수동 카드 입력, 비밀번호 또는 제3자 앱이 필요하지 않습니다. 온라인 전자 제품 소매업체인 Newegg가 최근 Paze를 채택했습니다.
Paze는 Early Warning Services에서 운영하며, Bank of America는 창립 멤버 중 하나입니다. 이 솔루션은 일반적으로 1억 5천만 개 이상의 직불 카드 및 신용 카드에서 사용할 수 있습니다. 상인은 체크아웃 전환율 증가와 사기 감소의 혜택을 보며, Paze를 제공하는 데 거래 수수료가 없습니다.
Bank of America a entièrement mis en œuvre Paze, une solution de paiement en ligne simplifiée, sur toutes les cartes de crédit et de débit éligibles juste à temps pour la saison des fêtes. La solution propose une tokenisation des cartes pour une sécurité accrue et ne nécessite pas d'entrée manuelle des cartes, de mots de passe ou d'applications tierces. Newegg, un détaillant en ligne d'électronique, a récemment adopté Paze.
Paze est géré par Early Warning Services, avec Bank of America étant l'un des sept membres fondateurs. La solution sera disponible pour plus de 150 millions de cartes de débit et de crédit à disposition générale. Les commerçants bénéficient d'un taux de conversion accru lors du paiement et d'une réduction de la fraude, sans frais de transaction pour proposer Paze.
Bank of America hat Paze, eine vereinfachte Online-Checkout-Lösung, vollständig auf allen berechtigten Kredit- und Debitkarten rechtzeitig zur Urlaubszeit implementiert. Die Lösung bietet eine Kartentokenisierung für erhöhte Sicherheit und benötigt keine manuelle Eingabe von Karten, Passwörtern oder Drittanbieter-Apps. Newegg, ein Online-Elektronikhändler, hat Paze kürzlich übernommen.
Paze wird von Early Warning Services betrieben, wobei Bank of America eines von sieben Gründungsmitgliedern ist. Die Lösung wird für über 150 Millionen Debit- und Kreditkarten zur allgemeinen Verfügbarkeit bereitstehen. Händler profitieren von einer erhöhten Checkout-Konversionsrate und einer Betrugsreduzierung, ohne Transaktionsgebühren für die Nutzung von Paze.
- Implementation of secure tokenization technology enhancing transaction security
- No transaction fees for merchants to implement the solution
- Potential for increased checkout conversion rates
- Partnership with major retailer Newegg demonstrates market adoption
- None.
Insights
The launch of Paze represents a strategic move in the competitive digital payments landscape. With 150 million debit and credit cards available at launch, this positions Bank of America strongly against existing solutions like PayPal and Shop Pay. The key differentiator is the elimination of transaction fees for merchants, which could drive rapid adoption and potentially generate significant transaction volume.
The tokenization technology adds a important security layer while streamlining the checkout process, addressing two major pain points in e-commerce: security concerns and cart abandonment due to complex checkout processes. The partnership with Newegg, a major electronics retailer, validates the solution's market potential. The timing of the full rollout during the holiday shopping season maximizes exposure and adoption potential.
The integration of Paze into Bank of America's ecosystem marks a significant advancement in the bank's digital payment strategy. Being one of seven founding members of Early Warning Services (the company behind Zelle) gives BofA a strong foundation for this initiative. The solution's zero-fee structure for merchants creates a compelling competitive advantage against established players that typically charge
The focus on reducing checkout friction while enhancing security through tokenization aligns with evolving consumer preferences and regulatory requirements. This could potentially increase BofA's transaction volume and strengthen merchant relationships, creating a new revenue stream through increased card usage and customer loyalty.
"Paze checkout offers real benefits for merchants and consumers," said Rich Clow, head of Innovation and Strategy in Global Payments Solutions at Bank of America. "The new online checkout solution is the latest demonstration of how we innovate to solve real-world problems for our clients."
Since the summer, when Bank of America began rolling out Paze, clients have experienced its convenience, which doesn't require manual entry of card numbers, remembering passwords, or downloading third-party applications.
Cardholders can activate Paze through the bank's mobile or online solutions, or directly through a participating merchant's website at checkout (see Paze merchant directory). Additional information can be found on Bank of America's website.
Merchant clients have appreciated the solution's ability to increase checkout conversion while aiming to reduce fraud, and that there is no transaction fee to offer Paze. Online electronics retailer, Newegg, recently adopted the new checkout solution.
"We're excited to partner with Bank of America and introduce Paze checkout to enhance the online shopping experience for our customers," said Andrew Choi, Director of Brand and Website Experience, Newegg. "At Newegg, we're dedicated to providing the latest technology to PC enthusiasts, gamers, professionals, and early adopters. Paze checkout allows us to offer a fast, more streamlined checkout process, aligning perfectly with our commitment to innovation and customer satisfaction. Together, we're making it easier than ever for our customers to access the tech and PC hardware they need."
Bank of America is one of the seven founding members of Early Warning Services, LLC, the financial services company behind Paze. EWS works with a network of more than 2,500 financial institutions to increase access to financial services and products and protect financial transactions.
"People across the country enjoy the convenience of online shopping, from groceries to electronics to apparel. Yet too often, they face countless fields to fill out at guest checkout at merchant websites," said Catherine Murchie, head of operations, Paze. "Paze allows customers check out quickly and easily, without having to manually enter card details."
How Paze works
At checkout:
- Locate the Paze button at online checkout
- Enter an email address when prompted
- Enter the one-time passcode sent to a mobile number for authentication
- Choose the card from the Paze wallet and complete the transaction
Paze
Paze is a reimagined online checkout solution that banks and credit unions offer to consumers and merchants, combining all eligible debit and credit cards into a single wallet and eliminating manual card entry. Solving long-standing challenges in e-commerce, Paze provides an easy experience for consumers and merchants alike. At general availability, more than 150 million debit and credit cards will be available to consumers for making online purchases. To learn more about Paze, visit www.paze.com. Paze is operated by Early Warning Services, LLC, an innovator in financial and risk management solutions.
PazeSM and the PazeSM related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in
Reporters may contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
Early Warning Services, LLC
press@paze.com
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SOURCE Bank of America Corporation
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