The news: Paze notched a major partnership with Worldpay to expand its merchant network, per a press release.
This partnership will bring Paze’s online checkout platform to Worldpay’s thousands of US merchants. Paze helps to streamline checkout via tokenized security measures and digital authentication measures.
How we got here: Early Warning Services’ Paze has been trying to grow its merchant network in order to accelerate its traction among consumers.
It recently cemented tie-ins with health and wellness brand GNC and Sephora to seize on holiday shopping spend.
Before these partnerships, Paze struggled to gain traction after focusing its early rollout among small and mid-size merchants, which limited consumer awareness and ability to use their product. Paze’s relationship with U.S. Bank, Bank of America, Capital One, Chase, PNC Bank, Truist, and Wells Fargo helped to further reduce consumer barriers to the platform, as banks automatically enrolled users to the platform.
What this means: Paze’s partnership with Worldpay serves to rapidly expand Paze’s reach to a large swathe of merchants—a tie-in that can finally put Paze on the online checkout solution map.
Why Paze could take off: With banks’ automatic customer enrollment and Worldpay’s broad merchant network, customers could come to embrace Paze.
- Paze requires zero passwords or usernames, instead identifying customers by their bank-identified email address and phone number.
- Paze’s digital wallet automatically suggests relevant payment options to optimize customer’s transactions experience and potential rewards/cash back.
Our take: Groundwork has been set for Paze to take off.