The digital payments sphere is waiting for a new kid to hit the block, and we may only have to wait for a few months. More specifically, we are referring to Paze.
Early Warning Services, which controls seven banks, and controls payment provider Zelle has announced plans to launch Paze, which will function separately from Zelle.
So far, the Paze story has been kept relatively under wraps, although it is set to be piloted over the summer, and it could be launched before Christmas ahead of the big shopping rush.
With Paze, the premise is that this e-wallet will create a distinct point of reference for point-of-sale commerce and e-commerce users, as more often than not, the lines can get blurred.
Nevertheless, the timing of it is fascinating and Paze is designed to give users peace of mind in terms of filling the void in the e-commerce space.
Speaking about the e-commerce intentions of Paze, Early Warning Services managing director James Anderson said: “Truth be told, physical point of sale works pretty well.
“When we started working on this, from the get-go, we realized that you’re not going to be relevant unless you solve someone’s problems.
“The problems we see and that we hear about from consumers and merchants concern online remote payment. So that’s our clear focus and mandate.”
Cash used to be king, but it is fast becoming obsolete. Paze is attempting to take a deep dive into a highly saturated and competitive environment, as there are so many e-wallets out there that have established a solid reputation and developed a strong in-store presence, such as PayPal, Apple Pay, and Google Pay.
They have all become trusted payment providers for people across the world, who either wish to send money to their friends or to carry out retail shopping online. These e-wallets will be well equipped with some of the most robust security measures, so that users will be protected when carrying out transactions online.
Similarly, most industries have resorted to e-wallets as payments can be processed quickly, and this can include resolving invoices for people who work overseas. It has become the modus operandi for businesses, who want little hassle when it comes to conducting their finances, and more e-wallets have popped up over the past few years.
The same can be said at digital casinos, where many operators have expanded their range of payment providers to cater to the demands of their players. E-wallets have become increasingly popular, and that includes Boku.
There are more Boku casinos UK operators springing up for players, such as NetBet casino and MrQ casino, and aside from passing on no additional fees for making deposits, players can benefit from quick withdrawals with Boku.
As far as Paze is concerned, it seems like it will be a convenient method for consumers, and having the backing of a company that has close connections with highly influential banks must surely be a good thing in terms of providing it with credibility.
Although many will be comfortable using the likes of Apple Pay and PayPal, the prospective emergence of Paze should be perceived as an opportunity rather than a threat.
Paze has something going for it judging by what we’ve heard about it, and if it launches successfully, then it could experience lift off from the start.
