Paze is a online payment system, supported by several United States banks. Paze was created by Early Warning Services, a consortium of banks that also manages the Zelle inter-bank payment network.[1]
Paze can be used by customers to make purchases online. A single Paze wallet can be associated with several credit cards.
Merchants must enhance their online purchasing systems to support Paze, before the merchant can accept payments from a customer's Paze digital wallet.
If a customer needs to replace their credit card (for example, after it is lost or stolen), the new credit card number is updated once within the issuing bank's Paze system, and merchants do not need to be notified.
Paze is distinguished from some other digital wallets in that the associated credit card number is not known to the merchant (seller).[2], so the merchants never have access to the customer's credit card number.
As of September 2024, Paze is supported by the following banks: Bank of America, Capital One, Chase, Elan, PNC, Truist, U.S. Bank, and Wells Fargo.[3]
References
edit- ^ The Financial Brand https://thefinancialbrand.com/news/payments-trends/what-to-consider-before-joining-the-paze-bank-run-digital-wallet-161687/
- ^ US Bank https://www.usbank.com/online-mobile-banking/digital-wallet/paze.html
- ^ Paze official web site https://www.paze.com/