What to know about Paze

Quick insights

• Paze is a digital payment method for making secure transactions online.
• You may see it as a payment option at some online merchants, but not all.
• Paze syncs your debit and credit card information associated with the email address you use with your bank.

For many years when paying for something, you would typically choose between paying with cash or card. But now, with so many digital payment options for consumers, you may have multiple ways to complete a transaction. Paze is one of the newer digital payment methods to hit the market. In this article, we'll discuss what Paze is, how it works, when to use it and why you may want to.

An introduction to Paze

Paze hit the market as a player in the digital payment space in 2024 with its rollout to consumers in 2024. Backed by seven of the country’s largest banks, Paze was created as a way to make secure payments to online merchants and e-commerce sites.

Unlike some digital payment options, Paze does not require you to create a new account, download an app or even enter your credit card numbers. Your Paze account is synced to the email address tied to your debit and credit cards.

Because of its integration with your bank, there is:

• No app to download.
• No passwords or usernames.
• No Paze fees.

Users of Paze don’t need to use or enter their credit card or debit card info into Paze. All you need to do is verify your email and choose your payment method from the options in Paze. Eligible cards from participating financial institutions are automatically displayed when using Paze.

If you don’t have an account at a bank or credit union affiliated with Paze, you can’t use it as a payment option.

How and when to use Paze

You can use Paze at any participating online business or merchant. Because Paze is still a relatively new payment option, you may only see it at select retailers; however, Paze is continuing to add new merchants.

If it’s an available payment option, you’ll likely see it as a button near other digital payment options, like Apple Pay or Google Pay, at check out.

The first time you use Paze, you will need to verify your identity:

• Paze will ask you to enter the email address associated with your bank account.
• It will then ask you to verify your identity via two-factor authentication.
• Once you have, your payment options will be displayed.
• You choose which card you want to pay with and complete your transaction.

Keep in mind that Paze’s account info is based on your email address. If you have multiple email addresses associated with different financial institutions or bank accounts, Paze will only display the ones associated with the email address you enter. But, for example, if you have a credit card from Chase and a checking account with a different participating financial institution, they will both be in your Paze account as long as you have the same email address at both financial institutions.

Modifying and opting out of Paze

Users have the ability to edit, update and delete their Paze info. To edit or verify the cards in your Paze account or switch your default cards, you may be able to make edits in your bank’s mobile app or account online. You can also visit mywallet.paze.com to edit your account info or opt out of Paze completely.

Paze security features

One of the biggest differences between Paze and other digital wallets is that you don’t need to enter your debit or credit card number and information into the digital wallet.

Your card numbers are not shared with the merchant. Paze uses a token system. It replaces your card numbers with a random string of letters and numbers that represent your card number. This means your card number isn’t used during online transactions.

If your card is lost or stolen, there also is no need to update your payment information in Paze. Because Paze is linked to your bank, your new card will automatically update with Paze.

Paze vs. Zelle

Paze and Zelle are owned by the same company, but their intended use is different. Both are connected to your bank and used to move money around digitally, but they have different purposes:

• Zelle is primarily a peer-to-peer payment system.
• Paze is primarily for e-commerce transactions.

You may use Zelle for sending cash to friends after a night out, whereas you may use Paze for buying goods and services from online merchants.

In summary

Paze is one of the newer digital payment methods on the market. It was created by seven of the nation’s largest banks to help consumers make secure purchases online. Paze syncs to your bank via the email address you use with your bank. It uses a token system when making transactions, meaning you don’t need to enter your credit card info into a merchant site when making an online purchase with Paze.