Wells Fargo Offers Customers a Convenient Way to Check Out Online With Paze

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has launched Paze, a new online checkout solution for eligible credit and debit cardholders. This service streamlines online shopping by combining customers' cards into one solution, enhancing security through tokenization that replaces actual card numbers during transactions.

Customers can activate Paze through the Wells Fargo Mobile app or at participating merchant websites. The checkout process requires only an email address and a one-time passcode verification, eliminating the need for additional usernames, passwords, or app downloads.

Positive

• Introduction of new secure payment solution enhancing customer experience
• Implementation of tokenization technology for improved transaction security
• No additional app download required for customer adoption

Negative

• None.

Insights

Fintech Analyst

The launch of Paze represents a strategic move in the digital payments space, though its immediate financial impact on Wells Fargo will likely be modest. The service addresses key consumer pain points in online checkout while incorporating essential security features like tokenization. However, success will heavily depend on merchant adoption and consumer awareness.

The key competitive advantage lies in the seamless integration with Wells Fargo's existing mobile app and the elimination of additional password requirements. While this may help with user adoption, the crowded digital payments landscape, dominated by established players like PayPal and Apple Pay, presents significant challenges. The service's value proposition centers on security and convenience, but differentiation from existing solutions appears

Debit and credit cards issued by Wells Fargo can now be used in a new online checkout solution

NEW YORK--(BUSINESS WIRE)-- Wells Fargo (NYSE: WFC) today announced that it now offers Paze^SM,¹ a new online checkout solution to all customers with eligible credit and debit cards.

Paze is an easy and convenient way to shop online, combining customers’ eligible credit and debit cards into a new online checkout solution. Paze features added security because it replaces a card number with a different number, so the 16-digit card number is not shared with the online merchant. Wells Fargo customers can activate Paze in the Wells Fargo Mobile^® app,² or when checking out at a participating online merchant’s website.

In addition to enhancing the online shopping experience, customers don’t have to set up usernames or passwords¹ or download an app.

“We are proud to provide our customers with an online checkout experience that is easy and has added security because their actual card number is not shared with the merchant when using Paze,” said Abeer Bhatia, head of Enterprise Payments and Personal Lending at Wells Fargo. “As more people are making purchases from their phones and laptops, it is paramount to make the experience of checking out online as convenient and safe as possible for our customers.”

How Paze Works

When you’re ready to check out:

• Look for the Paze button at online checkout
• Enter your email address when prompted
• Enter the one-time passcode sent to your mobile number for verification
• Choose the card you want to use from your Paze wallet and complete your transaction

“From grocery shopping to impulse buys and major purchases, people across the country are enjoying the convenience of online shopping every day. But too often, they are asked to do so by completing countless fields during guest checkout at merchant websites,” said Catherine Murchie, head of operations, Paze. “By working with our industry-leading bank partners, Paze is a solution that brings simplicity, privacy, without the need to manually enter their credit or debit card numbers, and the added security of tokenization that allows their customers to continue to benefit from the ease of online shopping.”

Paze is available to use through leading merchants, retailers, and restaurants. For a complete list of merchants offering Paze as an online checkout solution, visit the Paze merchant directory.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com

LinkedIn: https://www.linkedin.com/company/wellsfargo

About 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.

Wells Fargo does not control the websites that are linked. Although Wells Fargo has a relationship with this third-party, we are not responsible for the content, links, privacy policy, or security policy of the website. Please review the applicable privacy and security policies and terms and conditions for the website you are visiting.

1. Paze^SM is only available with participating online merchants, and cannot be used at physical merchant locations. Some merchants may require that an account be created with them before Paze^SM can be used at checkout. Enrollment in Wells Fargo Online^® is required. Terms and conditions and certain eligibility criteria apply. For more information, view Wells Fargo’s Online Access Agreement.
2. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.

Paze^SM and the Paze^SM related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

News Release Category: WF-PS

View source version on businesswire.com: https://www.businesswire.com/news/home/20241029108362/en/

Media

Allison Chin-Leong

Allison.Chin-leong@wellsfargo.com

646-457-8266

Source: Wells Fargo & Company

FAQ

What is Wells Fargo's Paze checkout solution?

Paze is Wells Fargo's new online checkout solution that combines eligible credit and debit cards into a single payment system, featuring enhanced security through tokenization and simplified checkout process.

How do customers activate Paze for WFC cards?

Customers can activate Paze either through the Wells Fargo Mobile app or when checking out at participating online merchant websites.

What security features does Wells Fargo's Paze offer?

Paze uses tokenization technology that replaces the actual 16-digit card number with a different number during transactions, ensuring the card number is not shared with online merchants.

What are the steps to use Paze for Wells Fargo (WFC) cards?

To use Paze, customers need to look for the Paze button at checkout, enter their email address, verify with a one-time passcode sent to their mobile number, and select their preferred card from their Paze wallet.