This is the Chase website: chase.com/paze

This seems to be about bypassing the traditional card networks. Chase is not including some cobrands (Amazon) and Mastercard (which is not on their ChaseNet infrastructure). Although other banks are more inclusive. It will be a token like PayPal, so no card numbers going to the merchant.

PayPal has been pushing their reward rebate program to compete, so in this case the consumer wins in the active battle.

I can't find the promotion yet for merchants for deeply discounted discount/merchant fee. That seems to be a must. Then, the coupon codes start coming for customers. If this is about the banks just keeping more of the discount fee and not sharing with digital wallets, I don't see the consumer adoption. If this allows banks to offer BNPL at time of purchase, probably a new revenue stream for them.

I don't known why square/stripe/adyan would offer integration to the API. Let's see what happens.