Wells Fargo has officially joined the mobile wallet landscape.
The bank announced the launch of its Wells Fargo Wallet on Tuesday (May 24), noting that the new function will be incorporated directly within its existing mobile app for Android.
By later this summer, Wells Fargo customers will have the ability to make mobile payments with their eligible Wells Fargo debit and credit cards via the Wells Fargo mobile app at NFC-enabled payment terminals and Wells Fargo ATMs.
“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,” Jim Smith, head of virtual channels for Wells Fargo, said in a press release. “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.”
Wells Fargo confirmed that all payments made via the Wells Fargo Wallet will be monitored by the bank’s risk and fraud detection systems, as well as protected by Zero Liability. Meaning, customers carry no responsibility for fraudulent purchases as long as unauthorized transactions are reported promptly.
Steve Ellis, head of Wells Fargo’s Innovation Group, added the following:
“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.”
According to the Federal Reserve’s “Consumers and Mobile Financial Services 2016” report, nearly 28 percent of smartphone owners said they made a mobile payment in the last 12 months, while 53 percent of all smartphone owners with a bank account have used mobile banking.
Wells Fargo said the data underpins the growth of its mobile banking channel, which currently boasts more than 17 million mobile banking customers.