Digital Payments

Wells Fargo To Start Testing Mobile Payments

Wells Fargo announced news on Thursday (May 10) of the launch of Pay with Wells Fargo, a new service for its mobile app that brings payment options to the home screen of the app before a customer must log in.

In a press release, the bank said customers can select their most commonly used payment method, including Zelle, mobile wallets, Card-Free ATM Access code and transfers, without having to sign into the app. Wells Fargo said its the first phases of a longer-term overhaul of its mobile banking services. The idea is to meet all of the financial needs of customers in an easy-to-use mobile platform.

“Pay with App is another step in our journey to transform how we serve customers and provide them with tools that make their financial lives easier and simpler, and put them in better control of their finances,” Avid Modjtabai, head of Payments, Virtual Solutions and Innovation, said in the press release. “The enhancements we are making in mobile are an example of how we are innovating based on customer needs and feedback about how they want to manage their money.”

According to Wells Fargo, from the new screen, customers can select the features they want to use and immediately send payments, transfer money or make a purchase with a digital wallet. In the future, mentioned said it plans to launch a feature in which customers can donate money to their favorite charities and non-profits from the mobile app. Pay with App is being piloted with employees in June and with customers later in the year.

With Pay with Wells Fargo, customers will be able to more easily access the aspects of the our mobile app they use most frequently, as customers increasingly want to check their balance and move money via a mobile device. Additionally, through Wells Fargo’s proprietary Control Tower experience, customers will be able to better manage and control their complex financial lives, empowering them to view and manage their account and payment relationships from one central location. Payments features that will be initially featured in the service include Zelle, mobile wallets, Card-Free ATM Access Code, mobile check deposits and money transfers. Mobile usage data shows that these are the mobile payments features customers use most often, the bank said in the release.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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