Wells Fargo announced that its Wells Fargo Wallet will be available this summer.
According to the company, the Wells Fargo Wallet adds eligible Wells Fargo Debit and Credit Cards so that customers may make purchases by tapping an Android phone at an NFC-enabled payment terminal. Customers can also view account balance information within the app before and immediately after a purchase.
“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,” said Jim Smith, head of Virtual Channels for Wells Fargo. “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.”
The company said that Wells Fargo Wallet was built in-house, and that 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, it 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,” said Steve Ellis, head of Wells Fargo’s Innovation Group. “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.”
According to the company, recent survey data from the Federal Reserve (PDF) 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.