Paze Checkout Solution Makes Online Shopping Fast and Streamlined for BofA Clients This Holiday Season
CHARLOTTE, N.C., Dec. 6, 2024 — 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, ensuring 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 enjoyed its convenience, which eliminates the need for 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 via a participating merchant’s website during checkout. Additional details are readily accessible within Bank of America’s platforms.
Merchant clients have praised the solution for increasing checkout conversion while reducing fraud risk, alongside the benefit of no transaction fee associated with offering Paze. Recently, online electronics retailer Newegg adopted this innovative 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 at 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, streamlined 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. This organization collaborates with over 2,500 financial institutions to enhance access to financial services and safeguard 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 for Paze. “Paze allows customers to check out quickly and easily without the hassle of manually entering 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 is a revolutionary online checkout solution provided by banks and credit unions, consolidating all eligible debit and credit cards into a single wallet while eliminating manual card entry. Addressing long-standing challenges in e-commerce, Paze offers a seamless experience for both consumers and merchants. At launch, over 150 million debit and credit cards will be available for consumer online purchases.
PazeSM and related marks are owned entirely by Early Warning Services, LLC and are used under license.
With a legacy of innovation, Bank of America stands as a leading financial institution, offering a full range of banking, investing, asset management, and risk management products and services. With unmatched convenience in the U.S., Bank of America serves approximately 69 million clients through retail financial centers and a comprehensive digital banking platform.
