We live in a digital world where many people are already using apps like Apple Wallet and Google Pay, but there's a new option rolling out called Paze, which you may have received an email from your bank about, letting you know your card’s eligible for it. But how does it work?
"Paze is a convenient way to check out online," says the advertising video on Paze’s website.
The digital payment option is a convenient way to combine your eligible credit and debit cards from participating banks and credit unions into a single digital wallet.
“You don’t have to create a new user name or password, or download a new app to make online transactions,” said Melissa Lambarena, a NerdWallet financial expert.
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All you need to do is checkout with the email address associated with your credit or debit card. A security code will then be sent to your phone. Once you verify the transaction, payment is sent.
“Paze suggests it’s safer because it doesn’t share your card number with merchants,” Lambarena said.
It’s almost the same way Apple Pay and Google Wallet work. With Paze, however, you don’t have to enter your card details into a third-party app, and it can only be used with online transactions. It’s so new that only about 20 retailers are offering it right now.
So if you choose to use it, “you want to make sure you’re keeping your email secure and up to date,” Lambarena said, “and whatever password you use for the emails is hard to crack down, and no one else has access to that email.”
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Are you wondering if you have to register with Paze? The answer is no. It is only offered directly by certain banks and you will get an email directly from them. You can choose whether you want to activate and use the wallet. If you do not want your account to be connected to Paze, contact your bank directly.
