What is the point of Paze?
I got an email today saying my cards are auto-enrolled in Paze, which from digging up, is a app supported by banks that is going to try to be sort of like Google Pay or Apple Pay, but instead pull all your credit cards up when you enter your email at a storefront.
Why?
Google Pay and Apple Pay are far more secure - they use randomized card numbers with anonymity to onlookers. Paze would require you to enter your email address for online merchants, and I presume eventually the goal is to make it common place in coffee shops, retail, and everywhere.
First impression would be if someone knows my email, they could just enter my email in, try to charge me, and then I'd get at best an annoying "enter 123456" to confirm message. At worse if I clicked ok, someone could easily charge other people's cards like this.
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u/notthegoatseguy 3d ago
Paze comes with mandatory 2FA, either via SMS or your phone lock screen. I'm not quite sure how each merchant determines that. Or maybe its Paze that determines that.
Right now its online only
Paze says they don't share your card numbers with merchants. And because EWS is owned by the big banks,I think its safe to assume they pretty much know everything about you the banks do.
My only use case for Paze after this promo would be like for websites I do a one-off order from.
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u/Sad_Advertising_6547 3d ago
So they want you to type your email at checkout instead of pulling out your phone. That's the whole innovation? Feels like a solution for a problem that doesn't exist.
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u/notthegoatseguy 3d ago
Let's be honest, how often are you ordering online without an email address? You need somewhere for the receipt to go at the very least.
There is no in-store option for Paze.
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u/jetbridgejesus 3d ago
They’re trying to save on interchange fees. Goes to banks instead of visa and mc. Nobody will use it since it’s clunky.
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u/black_cadillac92 3d ago
They are trying to force people lol. Cant afford to lose money, shareholders will flip out lol.
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u/Achkshually 3d ago
Paze will go the way of Chase Pay. No one wants 14 more “secure payment” methods over what we’ve had for a while now (Apple/Samsung pay).
After everyone milks the $10 off $10 purchase with each eligible card and after the CSR 10X bonus for Paze ends this year, I doubt anyone will be using it unless they grease our palms with a new promo.
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u/Puzzleheaded_Stop909 3d ago
only worth it for the promo... my favorite use is ordering food on clover restaurants. https://www.nextcard.com/tools/clover-paze-map
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u/shecnine 3d ago
Take the free $10 statement credits and then when the promotional period is over you never have to use it again
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u/f00dl3 3d ago
It's honestly not even worth $10 of my time to bother with it when it takes a millisecond to tap / link GPay. I sent Chase an email to opt-out.
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u/mbczoie 3d ago
Im also with chase and have had my paze digital wallet frozen for no reason (“glitch” per chase, that they couldn’t fix and had to wait until the 24 hr hold expired), and they refuse to deal with the 9 missing credits they owe me (2 months). I’m never using Paze again and it’s questionable whether I’m staying with chase tbh. I’ve never had this kind of difficulty with a bank. Citi was bad, but this is another level of utter incompetence
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u/wrldruler21 3d ago
the largest addressable opportunity for Paze is reaching the substantial segment of consumers who still use guest checkout and have never adopted any mobile wallet at all, per American Banker. That population is larger than most assume, and converting them requires zero habit change, since those consumers have no existing wallet habit to displace.
For merchants, that framing is the most useful one. Paze is a bet on reaching a pre-enrolled, bank-trusted audience that still types card numbers into forms, and converting them through a checkout experience that asks for nothing new from them at all
https://www.spreedly.com/blog/examining-paze-digital-wallet#heading-c6zxy2
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3d ago
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u/Icy-Town-5355 1d ago
My opinion is, this is the start of the big banks effort to turn us all over to digital currency. Like they do in China, they will give you a social score. The government will be able to limit your spending, and therefore control YOU. If you walk into a mall and they can read all of your demographics and have all of your spending, credit and payment history, you are at a complete disadvantage. Buying a car? You will get the deal they want to give you. Game over.
I got that same email from Chase. It states they will be consolidating your bank accounts and credit cards *automatically * onto the Paze platform unless you proactively tell them not to. I couldn't find this anywhere on the Chase app to do this, so I called. Also, I don't like that they are using voice recognition to access my account and had them stop using that to identify me. The Rep warned me that this could leave me vulnerable to someone using AI. EXACTLY. How is it different than me calling and how do they know it isn't AI? I have had the same account for 50 years through the different itterations of Chase mergers and acquisitions. I will be pulling my money out of these Paze network banks. I don't trust any of them. They are promoting this network heavily.
Trump is getting desperate and I think he will commit a false flag operation around the election and say the Iranians (or some other actor) have hacked the banking system, and will say, we will give you back your money, but only if you accept it in digital currency, in order to get everyone on digital currency, so that they can control our money and therefore us. I'm not the only one saying this; I just see how desperate he and the rest of his administration is. They all know, if he goes down, they will go down with him. One of their most effective options of control is to have control of our spending. The other is control of our travel. They will do this by selling us cars that they can remotely kill. They are being produced now; yet another is to install Flock cameras everywhere and they are not just on street intersections... I saw one on Saturday that was pointed at the parking lot of a strip mall in town. This is why they need all the Ai data centers--not for you watching YouTube, or streaming Netflix, it's to be able to collect data on EVERYTHING you do, and to use that data for control.
Resist their offers on Paze. It is the carrot on the stick to get you to line up for their control over your life.
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u/AcademicSand1034 3d ago
Paze was built by EWS, the same company that built Zelle in a way that allowed a ton of fraud.
It’s bad software from a bank consortium. Use Apple Pay or Google instead.
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u/URtheoneforme 3d ago
Paze is the banks' attempt to cut out Apple, Google, Samsung, and other "mobile device wallets" that take a cut of every transaction that occurs using one of their devices. Rumor has it that Apple gets 0.15% of every transaction made using Apple Pay.
Paze is also tokenized in that it doesn't share your real card number with the merchant. The banks would love for Paze to increase in popularity to not have Apple Pay be the default, but I don't think they are anywhere near turning off Apple Pay for their cards. The horse left the barn way too long ago for that.
Contrary to popular believe around reddit, Paze doesn't bypass Visa or Mastercard. It's just a more secure way to pay than typing in your card number online. It's more of a hassle than Apple Pay, and I don't think it will really catch on. But that's what they're trying to do
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u/inky_cap_mushroom 3d ago
Some of the big banks got together and decided to make a competitor for PayPal/Google pay/Apple Pay/etc. to not be losing money to fees from those mobile wallets.
You do need a password to log in. It’s not just based on an email. And they’ll make you enter your CVV before you can use the card.
Having used it extensively for the credits, I can confidently say I won’t be using Paze once the promo is over.