The collaboration aims to provide Worldpay merchants with a convenient new checkout option for consumers. The partnership is expected to enhance security and convenience in online transactions, according to a Wednesday (June 4) press release.
Paze, developed by Early Warning Services, is an online checkout service for banks and credit unions in the United States that allows consumers to pay online using credit and debit cards. Purchases made via Paze use tokenization, which is more secure than traditional manual entry and could potentially lead to higher authorization rates for merchants, the release said.
Seamless checkout can increase conversion rates by reducing steps and friction. Worldpay research found that 68% of consumers selected a checkout method based on convenience, and 48% abandoned carts due to excessive checkout steps, according to the release.
“By making new checkout options like Paze available to our merchants, we’re making it easy for them to offer convenient checkout that boosts conversion and customer confidence because they don’t have to share card details directly,” Worldpay Chief Product Officer Cindy Turner said in the release.
The partnership makes Paze instantly accessible to thousands of U.S. merchants. The new integration is expected to reach an estimated 150 million consumers who already have access through their financial institutions, per the release.
Worldpay merchants using hosted payment pages in the U.S. will see Paze as a checkout option soon, while others can enable it with limited integration, the release said.
The partnership builds on Worldpay’s previous merchant-facing initiatives for faster and more secure payments. Last month, the company partnered with point-of-sale tech firm Yabie to enhance its business management and payment solution for small- to medium-sized businesses (SMBs) in the United Kingdom. The collaboration aimed to level the technological playing field between SMBs and their larger counterparts by improving the digital payments experience.
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