Wells Fargo said Tuesday (April 18) that its customers will be able to use PayPal to make near-field communication (NFC) in-store payments over Android phones. In an announcement, Wells said its banking customers can use their Wells Fargo debit or credit cards to use PayPal for these tap-and-pay transactions.
Wells also noted that mobile banking remains the company’s fastest growing channel in its history, with more than 20 million active customers. And Android customers, Wells said, are among the most active users, logging in about 16 times per month. Wells has said that mobile banking is growing at twice the pace of its online channel.
Payments made with mobile devices, generally speaking, are on an upswing, as the Federal Reserve has said that 22 percent of all mobile phone owners have made a mobile payment, up from 17 percent in 2013.
Wells stated that transactions made with PayPal via cards are monitored with Wells Fargo’s risk and fraud detection system and that card purchases are protected by “zero liability” — customers are not responsible for unauthorized transactions that are quickly reported.
In a statement, Jim Smith, head of virtual channels for Wells Fargo, stated, “We’re looking to enable payments for our customers’ mobile-driven lives, and this upcoming capability allows us to further engage the millions of Wells Fargo customers who use their debit and credit cards on PayPal to seamlessly make mobile and online, and now in-store, purchases. New mobile payment experiences like the one we announced today create unique value propositions for Wells Fargo customers who use PayPal.”