CHARLOTTE, N.C., Dec. 6, 2024
/PRNewswire/ -- 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.
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."
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
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).
Reporters may contact:
Louise
Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
Early Warning Services, LLC
press@paze.com
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SOURCE Bank of America Corporation