Wells Fargo announced Tuesday (April 2) the launch of contactless consumer credit and debit cards.
In a press release, Wells Fargo said the new cards will enable customers to complete transactions quickly and with a single tap at millions of merchants and transit systems that accept contactless payments. The bank said it will enable customers to tap to initiate an ATM transaction at more than 13,000 ATMs around the country later this year. Customers can still insert or swipe their cards or use their digital wallets for payments.
The ability to use a contactless debit card to tap and initiate an ATM transaction relies on near-field communication (NFC) functionality, the same technology Wells Fargo introduced in October 2017. It also enables Wells Fargo customers to use a digital wallet to initiate an ATM transaction.
“At Wells Fargo, our goal is to make the payments experience as seamless as possible for our customers, which is why we are so pleased to launch contactless credit cards for simple tap-to-pay checkouts,” said Beverly Anderson, head of Wells Fargo cards and retail services, in the press release. “According to Visa, contactless payments will soon be ubiquitous, with 78 out of the top 100 U.S. merchants (by transactions) currently offering the ability to tap-to-pay at checkout. For years, consumers around the globe have been demonstrating great affinity for tap-to-pay cards, and Wells Fargo consumer credit and debit card customers in the U.S. can now enjoy the same secure, expedited checkout experience.”
Wells Fargo said its consumer credit cardholders started receiving the cards with the contactless feature when opening an account this week. Existing customers will receive the new contactless card when their current credit card expires. Wells Fargo will add the feature to consumer debit cards in the summer.
The contactless card feature is built on secure EMV chip technology, which is the same security used on EMV cards. Wells Fargo said in the press release that the contactless payment cards are part of the bank’s push to boost convenience for customers and embrace the latest technologies to make life simpler.