In preparation for the holiday shopping season, Bank of America has introduced PazeSM, a new online checkout solution for its credit and debit cardholders. This service includes card tokenization to ensure that customers' 16-digit card numbers are not shared with participating 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 its rollout began in the summer, Paze has been recognized for its convenience by not requiring manual entry of card numbers or passwords. Cardholders can activate this feature through Bank of America's mobile or online platforms or directly on a merchant's website.
Merchants have noted an increase in checkout conversions and reduced fraud risk without any transaction fees. Newegg, an electronics retailer, recently adopted Paze to enhance customer experience. Andrew Choi, Director of Brand and Website Experience at Newegg, stated: "We’re excited to partner with Bank of America and introduce Paze checkout to enhance the online shopping experience for our customers... 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 seven founding members of Early Warning Services, LLC (EWS), which operates Paze. EWS collaborates with over 2,500 financial institutions to improve access to financial services and secure transactions.
Catherine Murchie, head of operations at Paze, emphasized the ease it provides: “People across the country enjoy the convenience of online shopping... Yet too often, they face countless fields to fill out at guest checkout at merchant websites,” she said. “Paze allows customers check out quickly and easily, without having to manually enter card details.”
Paze aims to simplify e-commerce by integrating eligible debit and credit cards into a single wallet. Over 150 million cards will be available for use upon general availability.
For more information about Paze or other services offered by Bank of America, visit their respective websites.