Paze, a digital wallet and online checkout option created by Early Warning Services, the company behind Zelle, made its debut in 2024. A major benefit is that you can make online purchases without sharing your actual card number. However, with Apple Pay, Google Pay and other widely available options, you may wonder if Paze is worth using. Read on to learn about how it works and how it stacks up against other digital wallets.
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What Is Paze and How Does It Work?
Paze is a digital wallet by Early Warning Services. It is offered through a limited number of financial institutions, such as Chase and Capital One. It allows consumers to make online purchases without giving their actual credit card or debit card numbers to participating retailers. Instead, Paze uses tokenization, which is a technology that converts your payment information into a unique digital token.
To use Paze, you first need to activate it from an eligible banking app or website. Once activated, you can use Paze where it’s available without downloading a separate app. When you use Paze for the first time, you’ll enter the email address associated with your bank or credit union.
Below are the steps you’ll take to use Paze once you’ve confirmed your email:
— Choose Paze at checkout when it’s available
— Enter the verification number sent to your phone
— Select the eligible credit card or debit card you want to use
Is Paze Safe?
Although no digital wallet is risk-free, Paze has strong security measures in place. “Paze has security built into its technology, such as network tokenization, plus it’s backed by Early Warning Services and participating financial institutions,” says Hersh Jadhav, senior product manager at Swivel, a payment technology company.
However, Jadhav says the biggest risk is account compromise. “Like any digital wallet, the strongest remaining attack vector is typically account compromise rather than the payment credential itself,” says Jadhav.
Ari Lightman, a professor of digital media and marketing at Carnegie Mellon University’s Heinz College, says Paze’s safety is comparable to other payment platforms. “I don’t have a definitive answer for this (whether Paze is safe), but I’d say it’s as safe as most other mechanisms associated with e-commerce, such as Shop Pay, Google Pay and PayPal,” he says.
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Credit Unions and Banks That Offer Paze
These 10 financial institutions offer Paze:
— Capital One
— Chase
— Citi
— Elan
— PNC
— Star One Credit Union
— Truist
Paze vs. Other Digital Wallets
Unlike Paze, digital wallets such as Google Wallet and Apple Wallet are available on compatible Android or Apple devices. Another key difference is that while Paze only allows you to use certain payment methods associated with a participating financial institution, Google Pay and Apple Pay allow you to connect eligible debit or credit cards. Plus, unlike Paze, you can use Google Pay or Apple Pay to make contactless payments at participating physical stores.
Pros and Cons of Paze
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Should You Use Paze?
If you want to shop online without directly sharing your credit or debit number with the merchant, Paze could be a convenient option if it’s available. That said, because it’s only partnered with a limited number of banks and retailers, you’ll have to use it as an additional option rather than your only digital wallet.
“Apple Pay and Google Pay are generally widely available for in-store and app purchases, while Paze offers another convenient option at merchant checkout or on browsers/devices where Apple Pay or Google Pay may not be supported,” says Jadhav.
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What Is Paze? Everything You Need to Know About the Digital Wallet From the Company Behind Zelle originally appeared on usnews.com
