Major U.S. banks are struggling to gain traction for their digital wallet, Paze, in a market dominated by tech giants like Apple Pay and Google Pay. Paze, operated by Early Warning Services and backed by banks such as JPMorgan Chase and Wells Fargo, aims to compete by targeting technophobes and older consumers who have thus far shunned digital wallets.

While around 70% of consumers under 40 use digital wallets, only 41% of those over 40 do, according to J.D. Power. Paze's strategy involves appealing to this demographic by integrating directly into existing bank and credit-union mobile apps, eliminating the need for new account creation. The hope is that customers will trust and try Paze because it comes from their bank.

The financial incentive for banks to push their own solution is significant. They currently pay Apple approximately 0.15% of each purchase made with their cards via Apple Pay, totaling an estimated $750 million in fees in 2025.