Apple Pay

Wells Fargo Gives Apple Pay Users $5 At ATMs

Wells Fargo customers who use the Apple Pay card at its ATMs will get a $5 bonus, reports indicated on Thursday (March 5).

To get the money, which will be credited to people’s statements, customers have to use a Wells Fargo ATM with Apple Pay or another digital wallet using an iPhone or Apple Watch.

Business debit cards are not eligible, and the offer is one time per customer — the most a customer can earn is $5. 

“Your debit card is already in your digital wallet, so why not use it to easily get cash — and do more — at a Wells Fargo ATM? And now, when you access a Wells Fargo ATM using your debit card in your digital wallet for the first time, you’ll earn a $5 statement credit,” Wells Fargo said on its website.

Apple Pay went live five years ago, and today, there are more consumers with iPhones and Apple Pay wallets and more stores that can enable an Apple Pay transaction. 

In 2015 Apple Pay was compatible with only two iPhone models, iPhone 6 and 6S, representing about 39 percent of all iPhones with 11 percent of consumers having one. Today, that percentage has grown to roughly 89 percent of all iPhones and about 34 percent of all consumers capable of using Apple Pay to pay for in-store purchases.

In 2015 contactless terminals were new to merchants, and merchants that offered contactless only accounted for roughly 19 percent of all retail sales. Many merchants with contactless terminals also resisted activating contactless for fear of losing control of their customers and competition for their own mobile wallets. In 2019, contactless terminals are present at merchants that account for roughly 51 percent of all retail sales, excluding automobiles.

Five years later, usage of Apple Pay to check out in a physical store is about 6 percent, down from 6.9 percent in 2017. In other words, roughly 1.2 out of every 20 people who could use Apple Pay to pay in a store that accepts it, do so.

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New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

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