Early Warning Services, the company behind Zelle and Paze, submitted a five-point plan to US financial regulators to combat fraud. While a multi-sector approach could be a good idea in theory, it may also deflect from each financial player’s responsibility to secure every transaction. If FIs want customers to trust that their money is safe with them, they can’t blame their partners for fraudulent transactions that customers use their mobile banking apps to make. But clearly, the traditional siloed approach to combating fraud isn’t working against sophisticated criminal rings that operate across multiple platforms.

Nuvei partnered with Early Warning Services so merchants can integrate Paze into their checkout experiences.Wallets like Apple Pay, Samsung Pay, and PayPal should be on notice as Paze becomes a more capable competitor. Paze may finally be able to take a bigger bite out of PayPal and Apple Pay’s market share as its merchant adoption rises. The rise of Paze won’t come easily: Over 60% of US adults already use at least one mobile wallet, per our forecast.

The news: Early Warning Services partnered with Fiserv to expand Paze acceptance through its merchant network. Our take: Paze now needs to convince users to reflexively flip between two wallets for ecommerce and in-person transactions. Converting primary loyalty to either Apple Wallet’s 18.1 million users or Google Wallet’s 12.4 million users will be a tough consumer behavior to build. But as deals with its new expanded merchant network solidify, Paze is still primed for steady growth.

The news: Paze notched a major partnership with Worldpay to expand its merchant network, per a press release. Our take: Groundwork has been set for Paze to take off. We predicted that Paze would make significant gains in 2025, and this partnership will help Paze establish its online presence and customer familiarity for strong back-to-school and holiday shopping spend.

Reeling from 2024’s challenges, financial institutions must embrace bold strategies in 2025 to future-proof their businesses in a landscape plagued by economic, competitive, and regulatory pressures.

We may have been a little too early with some of our predictions—rollouts for Paze and FedNow took longer than we expected

Digital wallets are solving this with passwordless checkout, which will likely become the industry norm

EWS is expanding the digital wallet’s merchant network, but it will need to score some bigger names than GNC for the wallet to make real headway.

Its full rollout has been a long time coming. Now, it needs to expand its merchant network before it can really take off

The digital wallet’s rollout has been slow, but we expect strong uptake in 2025 thanks to its innovative features and bank integrations

In the fourth of five reports in our “Payments Ecosystem” collection, we look at what’s influencing growth across P2P, remittance, bill pay, payroll, and B2B transactions—and what it means for payment providers.

Discover the dynamic shift toward digital wallets in the US and the UK in the latest podcast episode of "Behind the Numbers: The Banking & Payments Show." Delve into the compelling discourse on how younger generations' move to digital is rendering traditional wallets obsolete. Join host Rob Rubin, our US-based analyst Tyler Van Dyke, and UK-based analyst Carina Perkins as they unravel trends in digital transactions for dining, shopping, and ID verification. In the "For Argument's Sake" section, we dissect the fierce competition for market dominance among industry giants like Apple and Google, established players like PayPal, rising star Paze, and potential disruptors. Tune in for a forward-looking conversation and hit subscribe for the latest insights. Key insights: - Youth-led shift: Analysis reveals a robust trend among younger consumers pivoting to digital wallets for everyday activities, indicating a cultural and technological shift. - Market dominance debate: We uncover the strategic moves by tech titans and emergent challengers vying to capture the largest share of digital wallet users. - Cross-Atlantic perspectives: Insights from US and UK analysts present a diverse view on the adoption of digital wallets, offering a broader understanding of the global digital economy.

Fintechs, banks, and the government will reshuffle the payments deck in 2024. New features and competition will redefine the digital wallet user experience, and FedNow will pivot payment flows in new directions.

Dramatic shifts are in the works for 2024, as BaaS, social media players, genAI, and new digital wallets reshape the banking landscape. Our top trends explore what’s in store.

Mobile P2P payments are reaching market maturity in the US as spending soars, but security challenges threaten to reverse gains. Providers are working to assuage consumer fears while adding a robust array of features to tighten user relationships.