In time for the holiday season, all eligible Bank of America credit and debit cards are now enabled with PazeSM, a fast and streamlined online checkout solution. Paze includes card tokenization, so that a cardholder’s 16-digit credit or debit card number is not shared with participating online merchants.
“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.
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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.”
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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
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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 the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Source = Bank of America
