Wells Fargo Bank has announced that it would a Wells Fargo Wallet, the new mobile wallet and easy way to pay, later this summer.
Wells Fargo Wallet is integrated into the existing Wells Fargo mobile app experience for Android users, making for a comprehensive, all-inclusive mobile banking and payment experience.
Wells Fargo Wallet quickly and conveniently adds eligible Wells Fargo Debit and Credit Cards so that customers may easily make purchases by tapping an Android phone at millions of NFC-enabled payment terminals worldwide.
For more seamless money management, customers may also view account balance information within the app before and immediately after a purchase.
Wells Fargo Virtual Channels head Jim Smith said: "Today we’re pleased to announce Wells Fargo Wallet for Android users, giving customers the unique ability to make secure NFC payments directly from the Wells Fargo mobile app.
"We know mobile is key to the future of payments, and we expect Wells Fargo Wallet to provide us a richer understanding of the quickly evolving landscape."
When a customer makes a payment with Wells Fargo Wallet, all transactions are monitored with Wells Fargo risk and fraud detection systems. Purchases also are protected by Zero Liability, which means customers are not responsible for promptly reported unauthorized transactions.
Customers should refer to their applicable Wells Fargo account agreement and card terms and conditions for information on liability for unauthorized transactions.
Wells Fargo Wallet was built in-house and designed to provide a seamless banking experience for customers. Across the globe, Wells Fargo team members have been testing the wallet, and providing valuable feedback ahead of the product launch later this summer.
In addition to the ability to make payments at NFC-enabled payment terminals, customers will also be able to use Wells Fargo Wallet, along with other leading mobile wallet providers, to conduct ATM transactions without using a physical debit or ATM card.More than 40 percent of Wells Fargo’s ATMs will be NFC-enabled by the end of 2016.
Wells Fargo’s Innovation Group head Steve Ellis said: "From our stagecoach days, innovation has always been part of Wells Fargo’s DNA. We’re looking to reimagine customer interactions with money in and across channels, and designing our own Wells Fargo Wallet allows us to further engage our customers, and innovate for the future.
"Continuous innovation enables Wells Fargo to save customers time and money, reduce fraud, and drive loyalty. With mobile ubiquitous in today’s world, innovation around mobile will continue to be a key area of focus."
Recent survey data from the Federal Reserve reported that almost 28 percent of smartphone owners reported having made a mobile payment in the last 12 months and 53 percent of all smartphone owners with a bank account have used mobile banking.
These statistics are reflected in the growth of Wells Fargo’s mobile banking channel, the company’s fastest growing channel, with more than 17 million mobile banking customers.