A consortium of the nation’s largest banks announced Tuesday that its new online checkout button, Paze, is perfectly positioned to capture millions of American consumers who still believe their smartphone is listening to their thoughts.
NEW YORK — Backed by major financial institutions including JPMorgan Chase, Bank of America, and Wells Fargo, the digital wallet is being pitched to investors as a targeted solution for "late adopters." According to internal guidance, the banks define this untapped market as individuals who write personal checks at the grocery store, type the word 'Google' into the Google search bar, and regularly call their adult children for help resetting their wireless routers.
Early Warning Services, the bank-owned company behind both Paze and Zelle, acknowledged in a regulatory filing that convincing technophobes to adopt a new digital payment rail requires a delicate touch. To claw back market share from established tech giants, the consortium has instructed participating retailers to place the Paze logo directly next to the Apple Pay button, projecting that up to 14 percent of total transaction volume will be generated by confused shoppers clicking the wrong icon with a trembling index finger.
Apple and Google have already monopolized the segment of the population that understands how an online cart works. Our strategy is to pivot to the millions of consumers who are terrified of the internet, but still trust a retail bank to silently deduct a $32 paper-statement fee.
Wall Street analysts warned the rollout faces immediate headwinds, noting that a $50 million consumer education campaign may not be enough to bridge the digital divide. In a note to clients, Goldman Sachs projected that widespread adoption will stall until the banks figure out how to let customers finalize an e-commerce purchase by dictating their credit card number to a customer service representative over a landline.