Nuvei partners with EWS for Paze online checkout

Montreal-based Nuvei entered into a partnership with Early Warning Services to integrate EWS's Paze digital wallet with its online checkout solutions to provide financial institution customers and members with a convenient way for their customers to make online purchases.

Paze is a digital wallet that offers enhanced security through tokenization, replacing sensitive credit and debit card account numbers with unique, single-use tokens and dynamic identifiers. This protects consumers' actual card numbers and reduces friction at the checkout, which in turn drives better conversion rates for online merchants and decreases cart abandonments, Nuvei noted.

The partnership will make Paze checkout available to Nuvei's extensive online merchant network in the Unites States, which collectively process billions of consumer transactions annually.

In the United States, the average documented online shopping cart abandonment rate is nearly 71 percent, according to Statista. Consumers cited a complicated checkout experience as the top reason, making solutions like Paze a driver of sales recovery, Nuvei said in a press release.

"Friction at the checkout remains one of digital commerce's biggest challenges, and our merchants are always looking for better solutions," said Phil Fayer, chairman and CEO at Nuvei. "Partnering with Early Warning Services to bring Paze to checkout lets us deliver a faster, more convenient experience that's already familiar to consumers through their banks or credit unions."

Fayer added that by combining "Nuvei's global reach, local acquiring expertise, and advanced fraud prevention with Paze's tokenized wallets, we're helping merchants boost conversion, reduce abandonment, and grow their businesses worldwide."

Eric Hoffman, chief partnership officer at EWS, said, "Nuvei's scale and merchant network make them a strong partner to help expand the availability of Paze checkout to more online merchants and their consumers. By combining the Paze digital wallet with Nuvei's payments expertise, we're making online checkout fast and convenient."

Follows Fiserv collaboration

Early Warning Services, which is owned by seven of the nation’s largest banks and known for operating Zelle, unveiled its Paze digital wallet in March 2023. Designed to simplify online checkout by preloading eligible cards from participating banks, Paze is positioned as a bank-backed alternative to big-tech wallets. Since Paze's launch, EWS has focused on forging partnerships to expand adoption and establish its digital wallet as a go-to option for e-commerce payments.

In June of this year, EWS celebrated its collaboration with Fiserv to offer the Paze wallet through the thousands of financial institutions for which Fiserv provides back-end technology support. Additionally, Paze will be supported across Fiserv's ecommerce payments suite.

"This strategic offering of Paze provides our clients with a new digital checkout solution, one in which their customers can have full confidence when they check out online," said Matt Wilcox, deputy head, financial solutions and president of digital payments at Fiserv.

Fiserv and EWS have forged a long-standing strategic alliance, the two companies noted in a press release, with Fiserv offering a turnkey service for Zelle.

"Our collaboration with Fiserv marks a significant step in expanding the reach of Paze," Hoffman said. "Together, we're making it easy for merchants of all sizes to deliver a fast, convenient and seamless online checkout experience, unlocking access to our solution for thousands of financial institutions and merchants nationwide."

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