Beware of Paze and Early Warning Services

In the race to dominate the digital wallet space, a new contender has emerged: Paze. Developed by Early Warning Services (EWS), Paze is marketed as a safer, bank-friendly alternative to tech giants like Apple Pay and Google Wallet. But, beneath the glossy promises of security and convenience, lies a dangerous picture of surveillance, consolidation, and limited consumer choice.

The Power Behind the Wallet

Early Warning Services is no ordinary fintech startup. It’s owned by a coalition of our country’s largest financial institutions including JPMorgan Chase, Bank of America, Wells Fargo, Capital One, U.S. Bank, and PNC. These banks already wield enormous power over the U.S. economy. With EWS, they’re extending that control deeper into the daily financial lives of Americans.

Paze is their latest tool in this effort. It’s designed to work automatically with users’ existing bank-issued credit and debit cards—no need to download or link accounts. That may sound convenient, but it also raises concerns: how much control will consumers actually have over the product, and who will be watching their financial behavior?

A Threat to Privacy?

One of the most pressing concerns with Paze is data collection. EWS has access to billions of financial transactions through Zelle. Adding a digital wallet to its portfolio gives the company even more visibility into how, when, and where consumers spend their money. Despite public assurances of data protection, little transparency exists around how Paze data may be used, shared, or monetized. Consumers will be on a need-to-know basis, and these banks do not think you need to know!

To support that claim, understand EWS isn’t regulated like a traditional financial institution, nor is it held to the same transparency standards as publicly traded companies. This makes it difficult for consumers to know what’s happening behind the scenes.

Not Your Wallet, Not Your Rules

Consumers should also be aware that Paze is not a user-first product in the way Apple Pay or Venmo might be. Instead, it’s a bank-first solution; designed by banks, for banks. This means limited flexibility, little customization, and potential integration with loyalty or marketing systems you didn’t ask for.

And if there’s a problem—like unauthorized charges or wallet glitches—who do you call? The answer may not be clear, especially since EWS operates behind the banks, not directly in the public eye.

The Bottom Line

Paze may seem like a convenient, easy, cutting-edge way to pay, but it carries serious questions about privacy, competition, and consumer rights. Before embracing yet another digital wallet, especially one backed by some of the most powerful financial institutions in the country, consumers should ask: who really benefits from this product?

I trust many people understand that the digital way of paying for everything means that everything you do is tracked. Here are some differences people need to be aware of. For example, with Apple Pay and Google wallet, user enrollment is user initiated, but with Paze, you are automatically enrolled. With Apple Pay and Google wallet user cards have to be manually added by the user, whereas with Paze, your cards, both debit and credit, are automatically linked.

The goal of Paze is to protect the banks’ role in the bank-backed digital wallet. Data privacy is controlled by the banks. Your information is in their hands. Paze is a strategic defensive move by the banking industry to preserve its control over the payment ecosystem.

So Why Now?

As central bank digital currencies emerge worldwide, different nations seek to create their own CBDCs. As we enter 2025, the Eurozone is one of the largest economic zones in the world. Christine Lagarde, the President of the European Central Bank, has said, “We need to prepare our currency for the future,” and he further elaborated that the digital euro is a digital form of cash that can be used for all digital payments.

In the 26 years of its history, the European Central Bank has had only four Presidents, with Christine Lagarde taking on that role in 2019. Because the Digital Euro is a project she has been firmly behind, she will likely stay throughout its preparation phase. With another two-and-a-half years until her eight-year term is up, she will have plenty of time to firmly establish the Digital Euro before she passes the baton. Since many of the central bankers who are the core of the European Central Bank are planning with her how to sell the Digital Euro to the European public, any successor is likely to also be favorable towards the Digital Euro.

Central banks around the Eurozone have cited the need for the Digital Euro based on the declining use of cash in society. For the banks this is good. There is a significant premium on keeping money out of the private sector’s hands.

China, Europe and then America?

What we do know is central bank digital currencies are a direct liability of the central bank. Since the central bank has the power to issue currency, this means that the central bank can essentially create “digital euros” if it wishes. China is a good example. The Chinese central bank has turned to a centralized data store, meaning the central bank controls everything, and the system has no external access. It seems likely that the Digital Euro will go down that same path. After that the American financial system will be following behind.

It will be easy to get mad, frustrated, and want to rebel. I get it. But let’s see the big picture. As we move closer and closer to having the ability to implement a one-world financial system, this just confirms that we are getting closer and closer to the Rapture and the eventual second coming of Christ. Let’s keep our eyes on Jesus as we look up and say, “Marantha, Lord Jesus!”