Wells Fargo announced Thursday (Jan. 11) that it has inked a partnership with wearables manufacturer Fitbit through which its customers can make purchases using Fitbit Pay.
In a press release, the embattled bank said Fitbit Pay will afford its customers a convenient and secure way to make purchases at merchants that are equipped to handle near field communication (NFC) payments.
“Increasingly, our customers are choosing mobile to manage their finances and make payments,” said Jim Smith, head of virtual channels at Wells Fargo, in a press release announcing the partnership. “In fact, in May 2017, Wells Fargo had more active mobile customers than online ones for the first time ever. As customer behavior and preferences continue to shift, we’re pleased to provide more options to conveniently make payments from mobile devices and wearables like Fitbit Ionic.”
According to Wells Fargo, mobile banking is the fastest growing channel in the company’s entire history with more than 20 million customers actively engaged on mobile. When customers make a payment with Fitbit Pay using their Wells Fargo cards, all transactions are monitored by the bank's risk and fraud detection systems.
“Offering convenient mobile payment capabilities like Fitbit Pay allows us to use the latest technologies to help deliver an outstanding customer experience, build trust and give more information to customers to help them make good decisions that lead to financial success,” said Danny Peltz, head of treasury, merchant and payment solutions at Wells Fargo, in the same press release. “We’re thrilled to add Fitbit Pay to our growing list of innovative payment solutions for our customers.”
The Fitbit Iconic is the fitness wearable company's first smartwatch that not only tracks steps, monitors a user’s heart rate and allows access to health and fitness apps, but also enables him or her to make payments.