Bank of America has rolled out PazeSM, a groundbreaking online checkout solution, just in time for holiday shopping. The new tool simplifies online transactions while enhancing customer security.
It promises to transform how people shop during the year’s busiest season.
Paze offers a quick and efficient checkout process. Customers no longer need to input their 16-digit card numbers manually. Instead, they can authenticate transactions with ease using a one-time passcode.
This innovation reflects Bank of America’s commitment to solving everyday challenges. Head of Innovation and Strategy in Global Payments Solutions, Rich Clow, emphasized its practical benefits.
He stated, “Paze checkout offers real benefits for merchants and consumers.”
Tokenization technology lies at the heart of Paze. It protects sensitive card data by replacing it with a unique identifier, ensuring customers’ card numbers are not shared with merchants during transactions.
The optimized procedure minimizes the likelihood of mistakes and hold-ups. It also minimizes security risks, making online shopping safer for everyone. Customers can activate Paze using the bank’s mobile app or online platform.
Users locate the Paze button on a participating merchant’s website during checkout. When prompted, they enter their email address. A one-time passcode sent to their mobile number ensures secure authentication.
After entering the passcode, users select a card from their Paze wallet to complete the purchase. This quick process eliminates the hassle of traditional checkout methods, including remembering passwords or downloading extra apps.
Paze benefits shoppers and merchants. It offers consumers convenience, speed, and security, increases checkout conversion rates, and reduces business fraud risks.
Merchants offering Paze also benefit from zero transaction fees. This financial benefit makes it a compelling choice. The solution is crafted to integrate smoothly with current online checkout systems.
Bank of America is working with others. Paze is the product of Early Warning Services, LLC (EWS), a financial services company that collaborates with over 2,500 financial institutions nationwide.
Bank of America is one of EWS’s founding members. The company works to expand access to secure financial solutions. Paze represents their latest effort to simplify online transactions for consumers and merchants.
Catherine Murchie, head of operations for Paze, highlighted its importance.
She said, “People across the country enjoy the convenience of online shopping. Yet too often, they face countless fields to fill out at guest checkout.”
Paze aims to solve these common frustrations. It streamlines the process while prioritizing security. This dual focus on efficiency and protection sets it apart from traditional checkout methods.
Since the summer, Bank of America has been rolling out Paze to its clients. Many have already experienced its benefits, and merchants appreciate the simplicity it brings to their customers’ shopping journeys.
Newegg, an online retailer, is one of the first businesses to adopt Paze. The company specializes in technology and PC hardware. It aims to enhance its customers’ shopping experience through this new solution.
Andrew Choi, Director of Brand and Website Experience at Newegg, praised the partnership. He noted that Paze aligns with Newegg’s focus on innovation.
“Together, we’re making it easier than ever for our customers,” he said.
Shoppers can now enjoy a faster checkout process when purchasing from Newegg. The company believes Paze will help reduce cart abandonment and build trust by ensuring secure transactions.
Bank of America’s innovation benefits more than just shoppers. Merchants using Paze are likely to see increased customer satisfaction. The smoother checkout process encourages customers to complete their purchases.
Paze is particularly timely as online shopping grows. During the holidays, many shoppers look for efficient solutions. Paze delivers, allowing customers to focus on finding the perfect gifts.
The absence of transaction fees makes it a cost-effective solution for businesses. It differentiates Paze from many other payment options. Merchants can offer it without adding financial strain.
Shoppers who activate Paze enjoy its ease of use. They don’t need to install third-party applications; they can activate them directly through Bank of America or participating merchants.
Security remains a top priority. Tokenization ensures that card details remain private during transactions.
The one-time passcode authentication provides another level of security. Customers know their transactions are protected. These measures help build trust in the system.
EWS, the company behind Paze, focuses on creating secure financial tools. Its network of financial institutions plays a crucial role. The collaboration helps ensure widespread adoption and reliability.
The simplicity of Paze appeals to both consumers and merchants. Shoppers appreciate its quick process and secure design. Businesses value its ability to reduce friction during checkout.
Bank of America’s commitment to innovation is clear. Paze is just the latest example of how it addresses real-world needs. The solution helps clients navigate the challenges of modern e-commerce.
The benefits of Paze extend far beyond convenience. It represents a step forward in secure digital transactions.
Merchants, too, see significant advantages. They can increase conversion rates while reducing fraud risks. Paze provides a modern solution to age-old challenges.
As the holiday season approaches, Paze comes at the perfect time. Online shopping demand is at an all-time high, and solutions like Paze make the experience smoother for everyone involved.