5 differences between Paze and other digital payment methods

Quick insights

• Paze is a digital payment option that is available at checkout with some online merchants.
• You do not need to download an app or create a username or password to use Paze.
• Paze connects to your bank accounts via your email address, but not all bank accounts are stored in Paze.

Cash used to be king. That may not be the case anymore. In recent years, partly thanks to the COVID-19 pandemic, digital payments have become a more popular way to pay. Paze is one of the newer digital payment options on the market. If you’re not familiar with Paze, read to find out how it compares to other digital payment methods.

Paze: A new digital wallet

Paze is a digital payment option available at participating online merchants. It was developed by seven of the nation’s largest banks and entered the market with more than 150 million existing bank and credit card accounts associated with it.

Paze uses your email address to connect you to your credit and debit cards. If Paze is accepted by the merchant, you’ll likely see it during checkout at online merchants as a payment option. The first time you use Paze, you’ll enter your email address associated with your bank accounts and verify your identity. After that, you’ll be able to select the debit or credit card as a payment option.

Five differences with Paze

Every digital payment method works a little differently. Here are five ways that Paze compares to other digital payments.

No apps, usernames or passwords

One way that Paze differentiates itself from other ways to pay is because of how it was created. Many digital payment methods were developed as that require you to create an account and enter your payment info to use them. Paze, however, is not an app.

When using Paze, you do not need to download an app or create a username and password. Paze only requires you enter your email address and uses that email address to verify your debit card or credit card information.

Updated account information

You do not need to manually enter your credit card or debit card information into Paze. Because your Paze account is linked via your bank, when your information updates, so does Paze. If your credit or debit card is lost or stolen, you don’t need to update your account information in Paze. It will already have your updated information in its system.

Additionally, you do not need to enter your debit or credit card information into a digital payment app or share it with the merchant.

E-commerce only

Paze is not a peer-to-peer payment method. It was created as a way to pay online merchants. While some digital payment methods can be used for personal and commerce transactions, Paze cannot. Paze is strictly an e-commerce payment method.

Not available to everyone

Paze is not available to everyone. While the participating banks include seven of the country’s largest banks as well as some credit unions, not every financial institution is associated with Paze. If you don’t have an account with one of the participating banks or credit unions, you will not be able to pay with Paze.

Your email addresses may also limit the options you see in Paze. Because Paze is tied to your email address, if you have accounts at multiple banks and use unique email addresses at each bank, only the accounts tied to the email address you enter will be displayed in Paze.

New merchants are being added

Even though Paze is used for paying online merchants, that doesn't mean you’ll always see it as a payment option. Paze is still relatively new to the market, so the list of merchants who have it as a payment option is limited. According to Paze, new merchants are consistently being added.

In summary

Paze is a digital payment method available at some online merchants. You do not need to download an app or create a username or password to use Paze. Paze connects to your bank accounts via your email address, but not all bank accounts are associated with Paze.

Also, not all merchants will have Paze as an option at checkout. Paze uses a token system when inputting your card details into a merchant's checkout page, so the merchant doesn’t see your card’s numbers.